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Hong Kong Issues Guidelines on the Exchange of Tax Information

June 22, 2010

On June 9, 2010, the Inland Revenue Department (“the Department”) published its Departmental Interpretation and Practice Note No 47 “Exchange of Information under Comprehensive Double Taxation Agreements”. Although, as I have previously noted, the Department does not feel bound by its own Practice Notes, they nonetheless provide genuine guidance as to the normal Departmental [...]

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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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Offshore Manufacturing Profits – The Commissioner smiles, but for how long?

May 18, 2010

The Hon Fok J upheld the appeal by the Commissioner of Inland Revenue (“the Commissioner”) to the Court of First Instance in the case of Commissioner of Inland Revenue v CG Lighting Limited (HCIA8/2009).
I suspect that Mr Yu, SC, leading counsel for the Commissioner, was as surprised as anyone to have succeeded [...]

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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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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 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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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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