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Inland Revenue Department

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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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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Expat trapped in Hong Kong

September 25, 2009

Is it time for Hong Kong to overhaul its tax collection methods? Multi million dollar losses suggest it is.

The article, ‘Expat Trapped in Hong Kong over unpaid tax bill’ that appeared in last week’s issue of The Sunday Morning Post highlighted an interesting problem for the Hong Kong Inland Revenue Department.
The piece tells the story [...]

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Who is required to file a Hong Kong Profits Tax return?

August 31, 2009

I am frequently asked, primarily by overseas companies, under what circumstances a company, whether registered in Hong Kong or in an overseas jurisdiction, is required to file a Hong Kong profits tax return and to have its annual accounts audited.
Under Section 51 Inland Revenue Ordinance, an assessor may issue a profits tax return to any [...]

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The Inland Revenue Department Seek to Penalise Delinquent Tax Filing

June 29, 2009

The Inland Revenue Department (’the Department) has recently issued a number of Form IR 1254 letters advising the recipient that, “According to our information, you have failed to file your tax return by the due date.”
The letter then continues, “If the Department had not detected the failure, tax would have been undercharged.”
The Department then points [...]

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