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Thought Leadership

WILL THE FINANCIAL SECRETARY LISTEN 2012-13 BUDGET

January 27, 2012

The 2012-13 Budget Speech is due to be delivered by the Financial Secretary, Mr John C Tang, on February 1st 2012. It will be interesting to note the extent to which the Financial Secretary has listened to the representations made by the various Chambers of Commerce and other professional bodies. There seems to [...]

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OFFSHORE MANUFACTURING THE BATTLE CONTINUES

July 5, 2011

The case of Commissioner of Inland Revenue v CG Lighting Limited continues. Since my last comment on this case, the judgment of the Court of Appeal has been handed down.
The Court of Appeal’s decision, delivered by The Hon Tang Ag CJHC, dismissed the appeal by CG Lighting Limited (“CGL”) against Fok J’s judgment in [...]

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Offshore Profits – Re-invoicing Trough Hong Kong

October 26, 2010

The change in practice by the Inland Revenue Department (“the Department”) regarding the assessment of profits booked in a re-invoicing vehicle located in Hong Kong continues to be a cause for concern.
Paragraph 27 of the Departmental Interpretation and Practice Notes No.21 (Revised), dated December 2009 (“DIPN”), clearly states that it is [...]

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2011-2012 BUDGET SUBMISSIONS

October 7, 2010

We are rapidly approaching the time of year when the various professional bodies, chambers of commerce, business associations etc. need to consider the content of their submissions to the Financial Secretary, The Hon John Tsang Chun-wah, on the Government’s budget for the fiscal year 2011-12.
Having been involved in this process [...]

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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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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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Misled By The Inland Revenue Department?

November 18, 2009

When I arrived in Hong Kong in the early 1980’s obtaining a copy of the Inland Revenue Department’s Assessor’s Manual was considered essential, but extremely difficult to acquire.  Gradually the Assessor’s Manual has been replaced by a series of Departmental Interpretation and Practice Notes (DIPNs).  Whereas the Assessor’s Manual had [...]

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2010 Budget Wish List

November 9, 2009

With Hong Kong’s budget only four months away, give or take a few weeks, now is the time to make your own views known to the Financial Secretary, Mr John Tsang.
People may consider this a futile exercise, but in my opinion this is far from being the case.  The 2009 budget lacked substance, or at [...]

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Why Reduce The Tax Rate?

October 6, 2009

I read with interest that the Hong Kong General Chamber of Commerce believes that it is essential to reduce the rate of profits tax, the tax on business profits, to 15% in order to enhance Hong Kong’s competitive position. I question whether a reduction in the rate of profits tax is that important in [...]

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Hong Kong’s anti-avoidance provisions

August 27, 2009

The judgement by Mr Justice Ribeiro PJ in the Court of Final Appeal case of Ngai Lik Electronics Company Limited and the Commissioner of Inland Revenue provides very clear guidance as to the correct approach to take when applying Hong Kong’s general anti-avoidance legislation, Section 61A Inland Revenue Ordinance.
Mr Justice Ribeiro PJ criticised the approach [...]

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