WTA suspends China and Hong Kong tournaments over Peng ... In other words, Hong Kong withholding tax is the portion of the payments withheld from the fees paid to a non-resident. International Tax - PwC The corporate tax rate in Hong Kong is capped at 16.5%, while income tax is charged progressively at a rate of 2%-17% and there is no tax on capital gains. This simplicity of taxation also extends to individuals, with personal tax rates starting as low as 2 percent, and capping out at 17%. China Clarifies Deadlines for Filing Tax Returns in 2021 ... Bonus Tax Rate in 2021: How Bonuses Are Taxed then you can reclaim the VAT on your VAT return. Further tax concessions endorsed for maritime sector ahead ... HONG KONG (AP) — A monument at a Hong Kong university that commemorates the 1989 Tiananmen Square massacre has been removed by workers over the objections of its creator from Denmark. Hong Kong does not impose withholding tax on dividends and interest. Taxpayer investing tax in the basic price. This alert draws your attention to the filing due dates for the 2020/21 profits tax returns and the requirement to notify the IRD of chargeability. Select Investors (Hong Kong) | Financial Adviser If one company buys a computer to use in its office, the computer is a capital asset. DUBLIN, December 14, 2021--The "Regulatory Report: Food Delivery and the Online Platform Services Sector in Hong Kong" report has been added to ResearchAndMarkets.com's offering. Hong Kong has concluded over 40 double tax treaties, which can reduce the withholding tax rates. HONG KONG, Dec 24 (Reuters) - It was close to midnight when Reuters photojournalist Tyrone Siu spotted chatter among students in an online forum that a statue seen as a symbol of Hong Kong's . (a) Based on Greenery's Hong Kong tax return for year of assessment 2019/20, the qualifying cost for the office building entitled to commercial building allowance is $2,000,000 and the tax written down value carried forward from the year of assessment 2019/20 is $1,840,000. Over 30. Every year, when you are filing for tax return, you probably start to seek every possible way to save on your tax. HONG KONG (Reuters) -Pro-Beijing candidates swept to victory in an overhauled "patriots"-only legislative election in Hong Kong that critics described as undemocratic, with turnout hitting a record low amid a crackdown on the city's freedoms by China. Hong Kong Tax Alert 2020/21 tax filing deadlines The tax filing season for the fiscal year ending 31 March 2021 (i.e., year of assessment 2020/21) will commence . . More surprise tax refunds will go out by New Year's, the IRS says — can you expect one? Candidates celebrate after winning in the Legislative Council election in Hong Kong, China, December 20, 2021. Since arriving in the UK, Simon has set up Hongkongers in Britain, an organisation that helps Hong Kong citizens emigrating on the BNO visa scheme settle in Great Britain. Keep a close eye on Hong Kong's fiscal health to stay ahead of change. Photo . Hong Kong Tax Facts and Figures. Clients may refer to our Hong Kong Tax alert - 24 March 2021 (2021 Issue No. WTA suspends China and Hong Kong tournaments over Peng Shuai concerns. V Quick Quote. The newly revised China income tax law has been promulgated by the State Council. The source of profits is one of the most controversial topics in the context of Hong Kong taxation. Only certain types of payments are levied on this type of tax. Hong Kong Tax Guide 2020 5 Taxation for businesses : profits tax Persons chargeable - Corporations, partnerships, trustees and bodies of persons carrying on a trade, profession or business in Hong Kong are subject to tax on Hong Kong-source profits (excluding profits arising from the sale of capital assets). December 20, 2021 9:19 pm December 20, 2021. Hong Kong Tax Analysis : Court of Appeal rules vesting of Hong Kong . However, even those jurisdictions recognizing the holiday may extend only certain filings. While taxes are often seen as a cost affecting investment return, there are upsides to ESG tax considerations, especially from targeted tax measures and incentives. Tien said that, in addition to the cash handout, the government should keep the tax refund at 100 per cent like last year, with a cap of HK$20,000. We have standard packages for clients with turnover between 0 and 5 million HKD. Hong Kong Voters Widely Shun Election for Beijing-Approved Legislators . A branch of a foreign corporation doing business in Hong Kong SAR is required to file a profits tax return annually, and the HKIRD may require audited accounts of the foreign corporation to support the Hong Kong branch's profits tax return. Despite a population of only 7.5 million, the city has more ultra-high-net-worth individuals than countries such as the UK, Switzerland and India. . The brand evolution began in the . The 30.2% turnout, about half that of the previous poll in 2016, was seen by pro . |. For taxes which are supposed to be filed within 15 days after the end of a month or a quarter, the deadlines for filing tax returns in . September 14, 2021. Some items, such as works of art, antiques or collectors' items, are charged at a reduced rate VAT. It launched a fierce debate amongst local taxpayers, lawmakers, journalists, politicians, who hotly debated the need for the tax, and the shape any taxes should take. Hong Kong is world renowned for its simple and low tax regime, making it one of the most business-friendly jurisdictions in the world. In January 2021 , the Inland Revenue Department of Hong Kong (IRC)) issued an updated AE-OI return filing guide. We offer affordable services for Hong Kong companies, including Accounting, Auditing and Tax Filing (from a partner as the accountant cannot be the same as the auditor). Michael Tien (left) and Paul Chan (right). The Basic Law provides that the laws previously in force in Hong Kong (SAR), that is, common law, rules of equity, ordinances, subordinate . New global reforms will change where tech giants pay taxes in Asia and make the international tax system more robust. Cox Plate-winning jockey Chad Schofield will return to race riding in Sydney in the New Year after securing an earlier exit from Hong Kong. United Kingdom (Last reviewed 24 June 2021) The tax return needs to be filed within one year from the end of the accounting period. That has now come to Hong Kong, where police detained the organizer of a banned vigil marking the 1989 . Financial Secretary Paul Chan Mo-po announced the 2021/22 Hong Kong Budget on 24 February, outlining the government's plan for the economy and proposals for taxation developments. The passengers were said to have submitted certificates that they were not infected with the virus before boarding the plane at Incheon International Airport, west of Seoul. Hong Kong Announces Tax Relief In 2021-22 Budget by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 Hong Kong will grant taxpayers a waiver of up to HKD10,000 (USD1,290) of profits tax, salaries tax, and tax under personal assessment, the territory announced in its 2021-22 Budget. on June 24, 2021 committing to amend Hong Kong's tax system by December 31, 2022 with the amended system taking effect on January 1, 2013 with no grandfathering arrangement. In Hong Kong, Profits Tax Returns are generally issued to companies annually on the first working day of April each year. Nomura Funds Ireland Plc v. The Collector of Stamp Revenue [2021 HKCA 1040] on 21 July 2021. The reshaping of the Legislative Council is the first major restructuring of Hong Kong's political system since the territory's return to China from British rule in 1997. If you had income from a non-Hong Kong company in connection with your : employment / assignment in Hong Kong or services rendered in Hong Kong, choose 'Yes' (i.e. Varies according to the size of the company making the payment. In the article, we explain these new regulations and . The IRS says it plans to issue another batch of special unemployment benefit exclusion tax refunds before the end of the year—but some taxpayers will have to wait until 2022. . Families have been instructed to claim the . You may enjoy tax savings up to HK$10,200 per year and a chance to enjoy the limited time offer for bonus unit rebates by joining Tax Deductible Voluntary Contributions (TVC) reward program. Visa Inc. (. Notice of assessment will be issued after the tax return has been examined by the HKIRD. Taxpayers who are not issued with a tax return but nonetheless have profits chargeable to tax for any year of assessment (before . Hong Kong residents are renowned for their spending power. 20 December, 2021 07:23. Hong Kong's . Companies and individuals ( sole proprietors) carrying out business in Hong Kong will be liable to Profits Tax provided that the profits are sourced in Hong Kong. Emancipation Day Delays Tax Return Filing Due Date. The Women's Tennis Association (WTA) is suspending tournaments in China over concerns the body has for the safety of former doubles world number one Peng Shuai. The Budget was delivered on February 26. HONG KONG and SHANGHAI, Nov. 8, 2021 /PRNewswire/ -- An integrated, . Profits Tax Return refers to income tax that is chargeable to all profits a company has made within Hong Kong. Jurisdictions Hong Kong SAR On 1 April 2021, the Inland Revenue Department (IRD) will issue bulk profits tax returns to taxpayers for the year of assessment 2020/21. China clarified the specific deadlines for filing tax returns in 2021 through the Circular about Clarifying the Deadlines for Filing Tax Returns in 2021 (Shui Zong Ban Han [2020] No.242) issued by the State Taxation Administration (STA) on December 9, 2020. 4 min read . Pro-Beijing 'patriots' sweep Hong Kong election with record low turnout Hong Kong leader Carrie Lam told a news conference on Monday the turnout was indeed low but that she was not able to give specific reasons for it. Hong Kong Maritime Week 2021 Hong Kong Maritime Week 2021 (31 October-6 November), one of the largest and most successful maritime events makes a triumphant return after a year's hiatus. Hong Kong's Richest . By Era Dabla-Norris, Ruud De Mooij, Andrew Hodge, and Dinar Prihardini. The Two-Tier Profits Tax Rates Regime effective from Year of Assessment 2018/19 The Inland Revenue Department of Hong Kong is going to send employers the BIR56A and IR56B forms (usually by hard copy but you can also submit it by e-Filing or even your company's own filing software -with prior IRD approval) this coming 1st of April 2021. (Note 9) Choose 'Yes' (i.e. The 26 . The Aggregate Method. It is also chargeable to all persons, professions or businesses in Hong Kong, except for the profits from the sale of capital assets. However, the end of the fiscal year comes with the start of the 2021 tax filing season. Most states will extend the April 15, 2022, tax filing deadline in recognition of the Emancipation Day holiday. A provision of Hong Kong's charter drafted before its return to Chinese rule in 1997 requires a law banning "foreign political organisations or bodies from conducting political activities . On top of info about the latest changes to the 2021 tax code, youll get worksheets and forms you can use to file your taxes. Get more World News and Business News on Zee Business. Hong Kong Profits Tax is a tax levied on the net profits on business. Chinese artificial intelligence start-up SenseTime Group will withdraw its $767 million Hong Kong initial public offering (IPO) on Monday and update its prospectus after being placed on a U.S. investment blacklist, two sources told Reuters. For each of the two award categories - Accounting Partner of the Year and Emerging Partner of the Year, one winner was selected in each of the following markets: Singapore. December 2, 2021. paper return box ) if your employer paid Salaries Tax on : your behalf during the year. China Individual Income Tax - An Overview of the Regulations in 2021. Hong Kong (SAR) became The Hong Kong Special Administrative Region (SAR) of the People's Republic of China (PRC) on 1 July 1997 and has operated since that date under the terms of the Basic Law. Malaysia. Schofield, who is midway through his seventh season in . We have designed two exciting service tiers which do just that for our premium clients. The Hong Kong government has ordered a two-week suspension of Korean Air flights to its territory until January 8, citing its antivirus protocol.. Hong Kong, China — Two Hong Kong universities on Friday removed sculptures marking Beijing&#039;s 1989 crackdown on Tiananmen Square democracy protesters, as authorities steadily erase all 0. Contents Income tax 1-2 Salaries tax 3-8 Profits tax 9-18 Property tax 19-20 Tax filing due dates and collection 21-23 Stamp duty 24-27 Duties, fees and charges 28-30 PwC Leaders 31-32 Contacts 33-34 . paper return box ). If you had income from a non-Hong Kong company in connection with your : employment / assignment in Hong Kong or services rendered in Hong Kong, choose 'Yes' (i.e. Income tax 1 Income tax A schedular system 2 paper return box ). 2021 9:28 pm ET . The relevant legislation for the tax reduction was passed by the Legislative Council and gazetted on 7 May 2021. The goods and services tax (GST) was a proposed value-added tax in Hong Kong.Consultation over a period of nine months was launched on 19 July 2006 and stirred considerable controversy. Office hours of Refund Section. May 5, 2021 Individual Tax Return Filing 2020/21 The Hong Kong Inland Revenue Department or simply the Hong Kong Tax Authority ("IRD") has now issued the year 2020/21 individual (salaries) tax returns (yes, that green envelope) for completion. V - Free Report) recently launched the "Meet Visa" campaign in Hong Kong that underlines the diverse capabilities of its network. It provides for a one-off reduction of profits tax, salaries tax, and tax under personal assessment, for the year of assessment 2019-2020 by 100 percent. Withholding tax in Hong Kong is only applied to two types of payments: royalty fees and payments made to sportspeople or entertainers. Hong Kong's Inland Revenue Department is the one to receive that amount. 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