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Kalec Tang
Director, Restructuring & Insolvency - Hong Kong, Hong Kong
Issac Tang
Director, Restructuring & Insolvency - Hong Kong, Hong Kong
Gilles-Alexandre Salansy
Head of Outsourcing Services - Hong Kong, Hong Kong
Anson Li
Partner, Head of Restructuring & Insolvency - Hong Kong, Hong Kong
17/10/2015page
Jan. 2013 - Publication of stamp duty (amendment) bill 2012
As reported in our tax news issued in November 2012, on 26 October 2012, the Financial Secretary announced that the Government would amend the Stamp Duty Ordinance to introduce with effect from 27 October 2012 a Buyer’s Stamp Duty (“BSD”) and to enhance the Special Stamp Duty (“SSD”) applicable to residential properties. The relevant provisions are set out in the Stamp Duty (Amendment) Bill 2012 which was gazetted on 28 December 2012.
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Dec. 2012 - Commercial building allowance vs. Expenditure on building refurbishment
From time to time, taxpayers may incur capital expenditure on the renovation or refurbishment of their offices.
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Nov. 2012 - New cooling measures on Hong Kong overheated residential property market
Despite various measures adopted by the Government to counteract speculation, the Hong Kong residential property prices continued to rise.
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2012-2013 Hong Kong Tax Newsletters
You will find here all the Hong Kong Tax newsletters released in 2012 and 2013.
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May 2014 - Double stamp duty to be relaxed
In order to cool down the overheated property market caused by an influx of cash into Hong Kong, the Government proposed to introduce three measures between 2012 and 2013 to increase stamp duty on the sale and purchase of immovable properties, including:
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June 2014 - New China-UK tax treaty enters into force
On 13 December 2013, the New Double Taxation Agreement (“New DTA”) between China and the United Kingdom (“UK”) finally entered into force.
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Dec. 2013 - Further expansion of scope of the PRC value added tax (“VAT”) reform
On 12 December 2013, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued a circular Caishui [2013] No. 106 (“Circular 106”) which will be effective on 1 January 2014. Circular 106, issued together with four appendixes, sets out various fine-tuned implementation details of the VAT reform and replaces its predecessor Circular Caishui [2013] No. 37. This circular marks another important milestone of the VAT reform as the scope of VAT-able industries has been expanded to include two major industries: railway transportation and postal service sectors. Once the railway transportation sector is included in the pilot program, all of China’s transportation sectors will be covered in the VAT reform.
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Dec. 2013 - Detailed implementation rules for filing of exemption on VAT-able cross-border services in Beijing
The Beijing State Tax Bureau issued the Circular Announcement [2013] No. 22 concerning the issues related to the filing of VAT exemption and clearance of VAT paid during the previous pilot period for VAT-able cross-border service (“Announcement No. 22”) on 25 November 2013. It prescribes guidelines for the application of VAT exemption treatment with regard to VAT-able cross-border services in Beijing.
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Feb. 2012 update - Withholding Tax and Corporate Income Tax treatment on Royalty Fee, Interest and Rental Fee
Effective from 1 April 2011, Royalty Fee, Interest and Rental Fee to be paid to overseas companies shall not be considered as tax deductible expenses if the related withholding tax is not paid in the 2011 annual tax filings.
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Jan. 2012 - Further clarification on social insurance for foreigners working in China
The Chinese social insurance scheme covers five types of social insurance contributions including pension, medical, work-related injury, unemployment and maternity insurance. Previously, foreigners working in China are not required to participate in the Chinese social insurance scheme. However, the situation has changed.
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Jan. 2012 - Update on Local Education Surcharge
On November 7, 2010, the Ministry of Finance issued Caizong [2010] No. 98 (“Circular 98”) requiring all provinces or cities to impose the Local Education Surcharge (“LES”) at a flat rate of 2% on the total payment of value-added tax, business tax and consumption tax.
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Jan. 2012 - Further Clarifications on the Pilot Value-added Tax Reform
On November 16, 2011, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued two circulars Caishui [2011] No. 110 (“Circular 110”) and Caishui [2011] No. 111 (“Circular 111”) effective from January 1, 2012.
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Jan. 2012 - Clarifications on PRC VAT Treatments on Export of Services
Pursuant to the tax circulars Caishui [2011] No. 110 ("Circular 110") and 111 ("Circular 111") which outline the framework of the Value-added Tax ("VAT") Pilot Reform in China, the export of services would be subject to either VAT zero-rate or exemption treatments.
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Dec. 2011 - VAT reform in Shanghai (Circulars 110 & 111)
Further to the announcement of the PRC indirect tax reform, the Ministry of Finance and the State Administration of Taxation jointly issued two circulars, Caishui [2011] 110 (“Circular 110”) and Caishui [2011] 111 (“Circular 111”), on 16 November 2011 to provide the implementation details of the pilot program of indirect tax reform in Shanghai which is effective from 1 January 2012.
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Nov. 2011 - New surcharge: Local Educational Surcharge
We wish to raise your attention on the notice Cai Zong Han [2011] no.57, issued on July 22nd, 2011, by the Ministry of Finance. The notice states that starting January 1st, 2012, all companies established in Beijing, including notably foreign invested companies, sino-foreign joint-ventures and representative offices of foreign enterprises, are liable to the Local Educational Surcharge (“LES”).
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Nov. 2011 - New changes in tax qualification for representative offices
The National Tax Bureau in Beijing recently revised the Enterprise Income Tax (“EIT”) qualification for representative offices of foreign enterprises, requesting EIT declarations previously performed based on deemed profit now to be performed based on expenses.
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Sept. 2011 - New changes in PRC Individual Income Tax
The amended PRC Individual Income Tax (“IIT”) has become effective from 1 September 2011.
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Apr 2010 - Guoshuifa (2010) 18
This newsletter is to explain the salient points of this Circular and to comment possible implications for foreign companies having representative offices (“RO”) in China.
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Jan 2009 - Administrative Regulations on Special Tax Adjustments in China
“Administrative Regulations on Special Tax Adjustments in China – What You Should Know”
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Nov 2009 - Tax Circular 601
China tightens the requirements for Non-Tax Residents to enjoy tax benefits on income under double Tax Treaties. Definition of Beneficial Owner: Factors that may jeopardize the recognition of Treaty Resident as Beneficial Owner.
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Nov 2009 - Tax Circular 121
New rules on the PRC Individual Income Tax ("IIT") treatments. Elimination of the practice of treating "Double Pay" as separate monthly income for computing IIT purpose.