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Uncategorized

Hidden Taxes

June 23, 2009

By this time of year I have normally filed my salaries tax return and have calculated the amount I will have to pay next January.  At first blush it may not seem to be a significant percentage of my earnings however the reality is that the salaries tax we all pay is only part of [...]

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Hong Kong is NOT a Tax Haven

April 20, 2009

The Government has clearly stated that it will enact legislation to amend the Inland Revenue Ordinance in order to allow the Inland Revenue Department to share information with overseas tax authorities, in other words acceding to the demands of the Organisation for Economic Co-operation and Development (OECD) to sign up to international agreements facilitating tax [...]

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The fight for offshore profits claims continues

April 14, 2009

For many years Hong Kong manufacturing companies have taken advantage of the considerably lower labour costs in other Asian countries, particularly Mainland China.  Inevitably the nature of these arrangements varies but a large number of enterprises have established their own manufacturing/assembly plants in Mainland China.
Structured correctly, such arrangements may also reduce the tax burden of [...]

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Structuring your remuneration in a tax efficient manner

April 2, 2009

Are you paying too much salaries tax? The Inland Revenue Ordinance provides employers with the opportunity to legally structure employees’ contracts of employment in a tax efficient manner, but how many make the effort?
Whilst the following is not an exhaustive list of benefits it nonetheless illustrates how a remuneration package can be structured.
The starting point [...]

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Can a taxpayer rely on the Inland Revenue Department?

March 30, 2009

For many years taxpayers have relied on the Inland Revenue Department’s Departmental Interpretation Practice Notes (“DIPN”). Indeed, these have proved to be extremely helpful and have frequently assisted taxpayers understand how the provisions of the Inland Revenue Ordinance are to be interpreted. However, on the front of each DIPN it is stated that;
“These notes are [...]

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Budget Proposal

February 18, 2009

In the past few days there has been media coverage of the proposal to suspend provisional tax and to introduce a one year subsidy of HK$2,000 per month for those persons hiring graduates from Hong Kong universities. Sadly, I doubt whether there is time to introduce additional proposals into next Wednesday’s Hong Kong Budget but, [...]

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