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Taxation Legislation

Hong Kong / Austria CDTA – Double Taxation Treaty Update

June 22, 2010

Hong Kong concluded a Comprehensive Double Taxation Agreement (“CDTA”) with Austria on May 25, 2010.  This is Hong Kong’s 11th CDTA, and provides for the reduction of withholding tax on dividends to 0% if the beneficial owner is a company that directly holds at least 10% of the capital of the [...]

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Offshore Manufacturing – The Saga Continues – C.I.R v CG Lighting Limited

June 9, 2010

Fok J’s decision in the case of the Commissioner of Inland Revenue v CG Lighting Limited, heard before the Court of First Instance (Inland Revenue Appeal NO.8 of 2009 on Appeal from B/R 92 of 2007), provides an interesting insight into the attitude of the Inland Revenue Department (“the Department”) and [...]

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Hong Kong Concludes Two More CDTAs

May 17, 2010

The Inland Revenue Department signed comprehensive double taxation agreements with Hungary and Kuwait on May 13, 2010.  This takes to 10 the number of comprehensive double taxation agreements that Hong Kong has signed.  With agreements having been reached with a number of other countries, including Austria, France, Ireland, Japan, Switzerland [...]

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Comprehensive Double Taxation Treaties – Exchange of Information

March 25, 2010

On January 6, 2010, LegCo passed the Inland Revenue (Amendment) Ordinance 2010 (“the Amendment Ordinance”).  This has enabled Hong Kong to adopt the 2004 Organisation for Economic Cooperation’s (“OECD”) version of the Exchange of Information Article in its comprehensive double taxation treaties with other jurisdictions.  The amendments to the Inland Revenue [...]

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Double Taxation Agreements

March 19, 2010

The Inland Revenue Department continues to be very active in its Double Taxation Relief negotiations with other countries.  In 2009, negotiations took place with the following countries:
France (3rd round)
Indonesia (1st round)
Ireland (1st round)
Spain (1st round)
UAE (1st round)
The United Kingdom (2nd round)
And in the first few months of 2010 there have [...]

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Is The Government Listening?

March 19, 2010

Before the Financial Secretary issued the 2010/2011 budget on February 24, 2010, he had asked the business community, as well as other interested parties, to submit their “budget wish list” to him.  Among the organisations that responded were:

The Hong Kong General Chamber of Commerce (“HKGCC”)
The British [...]

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Budget Thoughts – The Misuse of Hong Kong’s Tax System

February 19, 2010

It has become a custom for the Financial Secretary, John Tsang Chun-wah, to leak a few details of his budget measures before he delivers his budget speech.  This year is no exception.  So far this year, it has been suggested that we can expect a salaries tax rebate, a waiver of [...]

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Hong Kong Budget – Further Considerations

February 10, 2010

The budget proposals issued by the Hong Kong Institute of Certified Public Accountants, The Hong Kong General Chamber of Commerce, The British Chamber of Commerce in Hong Kong and The Taxation Institute of Hong Kong always provide interesting reading. Furthermore, they give a very useful overview of the business community’s wish list for the [...]

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Budget Mania

February 8, 2010

It is that time of year when people, typically tax partners of the larger accounting firms, attempt to predict the Hong Kong Government’s budget surplus/deficit for the current year. This is often accompanied by a call for a reduction in the rate of profits tax, i.e. the corporate tax rate. Experience has shown [...]

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Locality of Profits

January 13, 2010

In December 2009, the Inland Revenue Department published the revised Departmental Interpretation and Practice Note No.21 (Revised) – “Locality of Profits”.
The determination of the location of a source of a given profit has caused some disputes between taxpayers and the Inland Revenue Department.  It is clear that the source of a profit is “what the [...]

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