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Uncategorized

Legislative Council Responds to Questions on Taxation

May 17, 2010

Professor K C Chan, Secretary for Financial Services and the Treasury, provided some interesting comments in his response to questions addressed to the Government.
On May 5, Professor Chan advised that revenue collections by the Inland Revenue Department from Salaries Tax and Profits Tax were estimated to be $179.1 billion, 6% less [...]

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Comprehensive Double Taxation Agreement Number 10 – Switzerland

April 20, 2010

The Hong Kong Inland Revenue Department (“IRD”) continues its drive to conclude the magical 12 CDTAs required by the OECD in order for it to be taken off the watch-list of countries/jurisdictions with unacceptable exchange-of-information policies.  On April 15, 2010, the IRD stated on its website:
“On 15 April 2010, Hong Kong [...]

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My interview on Quamnet.com

March 9, 2010

The link below goes to my interview on Quamnet.com, the no. 1 financial portal website in China and Hong Kong, where I discuss the 2010/2011 HK Budget.
http://www.quamnet.com/newscontent.action?articleId=1478961

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My Interviews on RTHK 3 regarding the 2010/2011 HK Budget

March 4, 2010

I was recently invited to talk on RTHK 3, Hong Kong’s premier English speaking radio station, regarding the 2010/2011 Hong Kong Budget.
My first appearance was on the 24th of February edition of Hong Kong Today, the morning of the HK Budget’s release.
Click HERE to listen;
The following day I was asked onto the show Back Chat, [...]

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A No Risk Budget

February 24, 2010

Michael Chugani wrote in this morning South China Morning Post that Hong Kong should not pin its hopes on a daring budget.  Perhaps this was why that it was not until after an hour and forty odd minutes through his 2010-11 budget speech that John Tsang announced [...]

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Changing of the Guard

January 13, 2010

Mrs Alice Lau Mak Yee-ming retired as Commissioner of Inland Revenue with effect from 6th December 2009.  Mrs Lau has been replaced by Mr Chu Yam-yuen, previously the Deputy Commissioner of Inland Revenue.
Mr Chu became an Assistant Assessor in July 1975 and has been employed by the Inland Revenue Department (“IRD”) ever since.  Mr Chu [...]

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Hong Kong Transfer Pricing Guidelines

January 13, 2010

In December 2009, the Inland Revenue Department (“IRD”) issued its Practice Note No. 46 – “Transfer Pricing Guidelines – Methodologies and Related Issues”.  The 35-page document plus 17-page appendix provide a detailed insight into the approach the IRD will take to negate perceived Hong Kong tax benefits derived from abusive [...]

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Source of Profits – DIPN 21 Needs Amendment

October 22, 2009

Disagreements between the Inland Revenue Department (“the Department”) and taxpayers as to whether a particular source of profit accruing to a business carried on in Hong Kong is derived from Hong Kong, and therefore taxable, arise all to frequently. It would be foolish to believe that this uncertainty is ignored by persons contemplating establishing [...]

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Frustrated with Cathay Pacific and British Airways

September 1, 2009

A purely personal rant.
My frustration with Cathay Pacific and British Airways reached an all time high last night.  Having had to plead with the British Airways ground crew to allow my 12 year old daughter one small additional check-in bag, I watched as other children who were returning to school in the UK repacked suitcases [...]

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A Step Forward

July 6, 2009

Over the past 12 months there have been numerous debates as to whether Hong Kong should enter into comprehensive double taxation agreements (CDTA) with its major trading partners.
In simple terms a CDTA is an agreement that limits the circumstances when a source of income may be taxed in both jurisdictions participating in the agreement. This [...]

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