Doing business in Hong Kong Introduction Hong Kong is situated at the south-eastern tip of the mainland of China, covering approximately 1,100 square kilometres. The most common tax reference types are SG, OG, D and As per the Hong Kong Companies Ordinance, all incorporated companies in Hong Kong are required to have an annual audit of their financial statements performed by a Hong Kong practicing Certified Public Accounts (CPA). ...... [More]. You do not apply for it, you get it automatically at the time you register the company. Find out the profits tax rates applicable to different years of assessment here. Some of the most attractive deductions are costs paid toward the future production of profit (e.g. Hong Kong identity card (HKID) number. Income that arises in or is derived from Hong Kong via employment, office or pension are subject to Hong Kong Salaries Tax.. Services rendered in Hong Kong for visits longer than 60 days in any fiscal year are subject to salaries tax, even if the individual is not ordinarily resident in Hong Kong. This means that there are numerous deductions from which your business will be able to benefit. In 2018, the tax rate for the first year of assessment was lowered to help reduce the taxpaying burdens for SMEs. This guide provides a detailed overview of income tax rates, corporate tax system, profits tax return, and tax incentives for Hong Kong companies. The areas of our China operations You can also file the return electronically by opening a personal … The RVD then publishes their findings on their website. b. Only three direct taxes are imposed and there are generous allowances and deductions which can reduce your taxable amount. Colombia. Hong Kong Essential Info Figure out when to go, how much you'll spend and how to get around town. For salary earners - the full name and Business Registration number of your present employer if known. In respect of individuals: Hong Kong Identity Card (HKID) number, issued by the Immigration Department under the Registration of Persons Ordinance (Cap 177). The "TIN" shown on the Tax Return-Individuals and related Notice of Assessment is solely for login onto "eTAX" account and access to the e-services provided by the Inland Revenue Department. 1 January - 31 March : 15 November. State Administration of Taxation . Figure out when to go, how much you'll spend and how to get around town. The three taxes are: Profits tax for the first HK$2 million of profits of corporations is 8.25 percent. To align with international practices, the IRD uses Hong Kong Identity (HKID) numbers and business registration numbers for that purposes. Rujukan Cukai. If you can negotiate the appropriate provision in your lease agreement, your apartment rent may be used to offset some of your salaries tax … Moreover, an individual who is Hong Kong resident and has paid mainland China’s Individual Income Tax on an income from employment taxed in Hong Kong, tax credit to set off his Hong Kong’s salaries tax is available to claim. The Business Registration Certificate (BRC) is a document which states the particulars of a company, and is a requirement for conducting business for a Hong Kong company. You can learn more about types of tax returns, normal issue dates and how to obtain a duplicate tax return here. Services rendered in Hong Kong for visits longer than 60 days in any fiscal year are subject Additionally, tax incentives have been introduced to increase Hong Kong’s competitiveness and strengthen its position as an investment destination in the Asia-Pacific region. Hong Kong’s corporate tax system, or profits tax as it commonly referred to, follows a territorial and flat-rate principle. Information is also available on how and when to claim allowances, and on recent changes in allowances. Hong Kong Intellectual Property Journal Schedule of Upcoming Hearings Trade Marks Decisions Trade Marks Decisions (Cap. Salaries tax capped at 15 percent Property tax of 15 percent Here are the taxes which Hong Kong does not impose: No sales tax or VAT No withholding tax No capital gains tax No tax on dividends No estate tax Free Trade Port You can find out how to apply and download the application forms here. Check out the ways to settle your tax or stamp duty payment in person. Hong Kong’s Tax Year. Not only should businesses understand when and how to pay taxes, but also that each company’s accounts must be reviewed and audited by a Hong Kong Certified Public Accountant. Find everything you need to know about holding-over of provisional tax. Copyright 2000-2014. var cnzz_protocol = (("https:" == document.location.protocol) ? " No income tax is levied if this source is earned outside its borders. Object against an Assessment & Apply for Holding Over of Provisional Tax, Notice: This form is NOT intended for handling enquiries or complaints. Check out the information about the payment of tax in dispute and interest on tax held-over. Dual Citizenship and Taxes Canadian taxation obligations are based on your residency status and not based on your citizenship… Clarification was sought from the IRD as to the tax … Hong Kong Essential Info. There is no capital gains tax, withholding tax on dividends, or GST/VAT in Hong Kong… Audit and Tax Compliance in Hong Kong. This documents shows that the company is valid and registered within the Inland Revenue Department. Tax identification number (TIN) Federal Central Tax Office. Types of Tax Return You can learn more about types of tax returns, normal issue dates and how to obtain a duplicate tax return here. For income to be subject to tax, it must fall within one of the specific heads of taxation. Taxpayers with an AGI greater than the specified threshold can use the Free File Fillable Forms , the e-file by purchasing commercial software , or the Authorized IRS e-file Provider Locator Service . Tax identification numbers (TINs) Tax identification numbers This section provides an overview of domestic rules in the jurisdictions listed below governing the issuance, structure, use and validity of Tax Identification Numbers ("TIN") or their functional equivalents. The Company shall not accept any responsibilities for any loss or damage Your name, Hong Kong Identity Card number, postal address, day-time contact telephone number, and 1. The amount of Hong Kong tax charged shall not exceed the amount charged by applying the standard rate to the net total income, i.e. 3.2. The list is found in Appendix A of Guide T4061, NR4 - Non-Residents Tax Withholding, Remitting, and Reporting. How Do You File a Hong Kong Tax Return? You can use a simple Tax Calculator provided here to calculate your tax liability under salaries tax or personal assessment. When to File Tax Returns; Completion of Profits Tax Returns and the Supplementary Forms; Electronic Filing of Profits Tax Return; Profits Tax Return - Fair Value Accounting; What you need to know as: First Time Taxpayer; Self-Employed (a sole proprietor or a partner of a partnership business) Employers; Property Owner; Non-resident Entertainer / Sportsman in Hong Kong… If you are doing business with Hong Kong companies and would like to know more information about them, the Hong Kong Companies Registry offers online search services on companies registered in Hong Kong. Tax Identification Number (TIN) Hong Kong Inland Revenue Department (the IRD) does not issue TIN for communication with the taxpayer. Only use the codes listed in Appendix A. Profit tax is an income tax that is chargeable to businesses carried on in Hong Kong. (a) @ represents any one or two capital letters of the alphabet. Stamp Duty. - 6 - 5% or 10%), the profits, being the mark-up, derived by the Hong Kong company for its services, were wholly assessable. Dutiable Commodities. Find out what you need to know to lodge objections or appeals against your assessment. You can settle your tax payment from overseas. Tax shall be paid on or before the due date as stipulated in the notice of assessment. This year KPMG has adopted a “Double-50” approach, including 100 outstanding fintech companies on the list. An application form can be downloaded here. Notice of Copyright and Disclaimer Not all individuals have a TFN, and a business has both a TFN and an Australian Business Number (ABN). Hong Kong’s corporate income tax of 16,5% does not apply to … IMPORTANT DEADLINES ON PROFITS TAX FILING IN HONG KONG . Tax File Number in Hong Kong? If your details change, you need to let us know. Hong Kong has an Already Low 16.5% Corporate Tax First off, the taxes in Hong Kong are already low. Check out the tax rates of salaries tax and personal assessment applicable to different years of assessment, standard rates and annual income levels at which salaries taxpayers enter the standard rate zone. China converted A tax file number (TFN) is free and identifies you for tax and superannuation purposes. Disclaimer Taxpayers with an AGI greater than the specified threshold can use the Free File Fillable Forms, the e-file … Hey guys, Moving to HK in the future and had a question that I couldn't find an answer to in the forums. 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