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Taxes

Taxation without representation is tyranny …Budget reflections

July 6, 2009

When writing about tax the most frequently used quotation is that from Benjamin Franklin, “But in this world nothing can be said to be certain, except death and taxes.” However, reflecting on Hong Kong’s budget, the most apt quotation must surely be that from James Otis, “Taxation without representation is tyranny.”
Following the reading of the [...]

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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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A plea to the Honourable Mr John Tsang

February 20, 2009

A great deal of press coverage has been given to the impact of the current financial tsunami on major corporations, financial institutions etc but little to the plight and hardship felt by small and medium sized businesses. With the tightening of credit lines many SME’s are struggling each month to meet even their staff salary [...]

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