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Thought Leadership

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  Gradually the Assessor’s Manual has been replaced by a series of Departmental Interpretation and Practice Notes (DIPNs).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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Hong Kong Confirms Need for Trust Law Reform

August 19, 2009

Consultation with industry and trust professionals will play a key part.
Contributor: Matthew Corbin
Hong Kong has not substantially revised its trust law since 1937 and as such the current legislation is now extremely dated and limited in scope when compared to many other competing offshore jurisdictions.
To urge the HKSAR Government to reform trust law, The [...]

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Court of Appeal ‘Disregarded the Board of Review’ Findings on Fact in Inland Revenue vs Datatronic Limited case

July 29, 2009

The recent decision by the Court of Appeal in the case of Commissioner of Inland Revenue and Datatronic Limited, handed down on 15th July 2009, in favour of the Commissioner of Inland Revenue may not have come as a surprise to some but will undoubtedly be a cause of concern to others.  (The facts of [...]

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Exchange of Information Bill Introduced into LEGCO

July 28, 2009

The adoption of the more liberal OECD 2004 Exchange of Information Article (”AOI”) moved a step closer following the introduction of the Inland Revenue (Amendment) (No.3) Bill 2009 into the Legislative Council on 8th July 2009.
In case you are not familiar with the impact of this article it provides that;
“The competent authorities of the Contracting [...]

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