Internal revenue ordinance hk pdf
the Hong Kong Companies Ordinance. This responsibility includes designing, implementing and This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and the true and fair presentation of
met: (a) the building owner is a charitable organisation which is exempt from tax under Sec on 88 of the Inland Revenue Ordinance; (b) the building owner does not receive external subsidy from the government or other public sources of fund to
ii Revenue Code”), that is subject to Section 4975 of the Internal Revenue Code, (iii) a plan that is subject to any other law, regulation, rule or restriction that is substantially similar to ERISA or Section 4975 of the Internal Revenue Code (“Similar
Further to the enactment of the Inland Revenue (Amendment) Ordinance 2018 on 2 February 2018 which enabled Hong Kong to expand its automatic exchange of financial account information (AEOI) network more effectively by taking a multilateral instead of a bilateral approach, the HKSAR
PART A: RULES OF GENERAL APPLICATION . CHAPTER 1 . INTERPRETATION . 101. Definitions . When used herein, the following expressions shall, unless the context otherwise requires, bear the following meanings: “Account Transfer Instruction ” or “ATI” means an instruction of a Participant other than an Investor Participant, in such form as HKSCC may from time to time prescribe as being
To facilitate reporting to foreign tax authorities such as Internal Revenue Service of the United States of America, an employer or administrator of ORSO schemes can use the Request for Consent Form for seeking the consent of the Authority to allow disclosure of members’ information acquired by performance or assistance in the performance of
Tax) tax withheld in the third quarter of the year to District Director of Internal Revenue. Make report and file quarterly unemployment compensation report with the Indiana Employment Security Division.
Setting up a charity in Hong Kong Hong Kong Law Firm
Case No. D21/13 Salaries tax info.gov.hk
Revenue Ordinance Patrick Kwong, executive director of Ernst & Young Tax Services Ltd., explains the signi-ficance of Court of Final Appeal decisions applying Section 61A of the Internal Revenue Ordinance, including Tai Hing and HIT in December 2007, Ngai Lik in July 2009 and Shui On in November 2009. CPD hours: 1.5 Date: 24 May Time: 6:30 p.m. – 8:00 p.m. Accounting for financial
same were not excluded by section 17(1B) of the Inland Revenue Ordinance. Accordingly, the taxes paid in Taiwan, the Philippines, and Australia were deductible but with regard to …
In 2014, 8,044 charitable organizations were registered with the Internal Revenue Department (IRD). 2 The figure was 7,592 in 2013, 7,194 in 2012, and 6,788 in 2011, marking a continuous growth of charitable organizations. 3 The amount of donations has increased as well.
Revenue Ordinance. Panel: Albert T da Rosa, Jr (chairman), Lo Pui Yin and Shum Sze Man Erik. Date of hearing: 28 May 2013. Date of decision: 12 November 2013. The Taxpayer held his office as an independent nonexecutive director in the – Company and received a director’s fee of HK0,000 for each of the years of assessment 2005/06 and 2006/07. The Company was incorporated as an …
in Hong Kong for 50 days only, which is less than 180 days, for the year of assessment 2013/14. Also, in the relevant two consecutive years of assessment (a) 2012/13 and
4 Under the Banking Ordinance (Cap. 155), an authorized institution means a bank, a restricted license bank or a deposit-taking company. 5 Under the proposedamendment to section 2 (1) of Cap. 112, a LAC banking entity means an HK
Hong Kong and the Internal Revenue Service of the United States of America (the “Authorities” and each an “Authority”) as promulgated and amended from time to time; (2) From time to time during the term of the Policy, the Company will:-
Hong Kong 248. h ong Kong. As companies strive to . up-skill their teams by hiring the best candidates, the competition for top talent will remain strong
† After Budget revenue measures but subject to the passage of the relevant legislation by the Legislative Council. Description of Revenue Sources This revenue head covers direct taxes on earnings and profits, which include profits tax, property tax and salaries tax.
The Mandatory Provident Fund Schemes Compensation Fund (“the Fund”) was established under section 17 of the Mandatory Provident Fund Schemes Ordinance (“the Ordinance”) which came into effect on 12 March 1999 for the purpose
complexity to (he Federal tax laws, or (iii) exceed the statutory authority of the Internal Revenue Service (IRS). In an interim Report to the President dated June 22, 2017 (the “June 22 Report”),
museum or the Hong Kong Central Library) and has submitted documentary proof (such as Memorandum (if any) and Articles of Association or the Constitution or tax exemption document issued by the Inland Revenue Department) which are still valid to be
the Hong Kong Inland Revenue Department, all fees and distributions related to the trust should be disclosed in an annual financial report prepared in accordance with …
News Flash Hong Kong Tax Court-free the new Companies Ordinance An opportunity for corporate December 2013 Issue 14 In brief After a prolonged legislative
taxes and duties in default* The inctease in arrears of internal revenue mast be viewed in the light of the substantial increase in the yield from , 008 million in 1970-71 to …
provision in the Inland Revenue Ordinance. The accounting treatment of a prepaid expense would be accepted if it complied with the relevant Statement of Standard Accounting Practice of the Hong Kong …
Last year, he received from the Commissioner of Internal Revenue a deficiency tax assessment for the estate in the amount of P1,000,000. But he ignored the notice.
LAWS AND REGULATIONS hkgem.com
General Revenue Account constitute the statement of the assets and liabilities and the annual statement of the receipts and payments of the Government as specified in section 11(1)(a) and (b) of the Audit Ordinance (Cap. 122).
institutions to the U.S. Internal Revenue Service or local tax authorities. Since the operations of the Sub-Funds are carried in Luxembourg, all investors investing in the Sub-Funds through the HK Representative will have their Shares dealt with via a nominee arrangement (see Section
Collector of Stamp Revenue, is responsible for administering the Stamp Duty Ordinance. The stamp duty assessment and collection work is performed mainly by the Stamp Office of the Inland Revenue Department (IRD), with the Rating and Valuation Department (RVD)
News Flash Hong Kong Tax PwC
head 3 — internal revenue The increase of HK,198.1 million was mainly due to more receipts from stamp duties (HK,044.9 million), profits tax (HK,276.9 million) and salaries tax (HK…
information (AEOI) with the Inland Revenue (Amendment) (No. 3) Ordinance 2016 coming into effect on 30 June 2016. This development is the latest phase in the reform of the HKSAR’s
to align the Inland Revenue Ordinance (IRO) with the Common Reporting Standard (CRS) promulgated by the Organisation for Economic Co-operation and Development (OECD), the Financial Services and the Treasury Bureau of the Government of Hong Kong introduced the Inland Revenue (Amendment) (No. 5) Bill 2017 (Bill) which was gazetted on 6 October 2017. The Bill seeks to facilitate Hong Kong…
The MPF retirement fund system in Hong Kong was created by the Hong Kong government as mandatory, privately managed, fully funded, defined contribution plans that were intended to assist the Hong Kong working population to accumu late retirement savings.
The Internal Revenue Department (“IRD”) updated its webpage in relation to Automatic Exchange of Financial Account Information (“AEOI”) Portal to provide investment funds and umbrella funds further guidance on registration of AEOI Account and reporting requirements.
TERMS AND CONDITIONS FOR INVESTOR PARTICIPANTS hkex.com.hk
jurisdictions in Schedule 17E of the Inland Revenue Ordinance (Cap. 112). First information exchanges are expected to commence by the end of 2018. By putting in place the legal framework for effecting AEOI, Hong Kong can
ATTACHMENT FOR HONG KONG 1. QI is subject to the following laws and regulations of Hong Kong governing the requirements of QI to obtain documentation confirming the identity of QI’s account holders.
Revenue (Exchange of Information relating to Taxes) (United States of America) Order (the Order), at Annex A, should be made under section 49(1A) of the Inland Revenue Ordinance (Cap. 112) (the Ordinance).
In brief terms, it is a new arrangement that involves the transmission of financial account information from Hong Kong to an overseas tax jurisdiction with which Hong Kong has entered into an AEOI agreement. In Hong Kong, the relevant legislative framework for implementation of AEOI is laid down in the Inland Revenue Ordinance.
A Hong Kong charity, subject to the approval of the Inland Revenue Department, is exempted from profits tax under Section 88 of the Inland Revenue Ordinance
Share capital restructuring for companies in Hong Kong Frances Chan Director of Corporate Secretarial . TMF Hong Kong Limited : Capital restructuring has become increasingly common due to changing market conditions. Companies in Hong Kong can take advantage of the new Companies Ordinance (Cap 622) by reviewing their capital structure to grow their business . In Hong Kong, a …
Kong Special Administrative Region (“Hong Kong”) existing currently and in the future (“ Laws ”) (e.g. the Inland Revenue Ordinance and its provisions
Revenue Tower 98 THE HONG KONG ACCOUNTANT JANUARY 2004 I n the Penalty Policy Statement first publicised by the Inland Revenue Department [IRD] in December 2000, and further refined in December 2003, much coverage has been given to the imposition of additional tax under section 82A of the Inland Revenue Ordinance [the Ordinance]. This article attempts to supplement that statement …
Sources: Internal Revenue Service (2002-2014) and IMF (2017). 2.7 For Hong Kong, its territorial source principle of taxation should add to the difficulty in relying on dividend tax to raise revenue in a fair and
EXCHANGE OF INFORMATION DEVELOPMENTS AND ENGAGING
Revenue Code”), that is subject to Section 4975 of the Internal Revenue Code, (iii) a plan that is subject to any other law, regulation, rule or restriction that is substantially similar to ERISA or Section 4975 of the Internal Revenue Code (“Similar
Hong Kong bond market and the proceeds of which will be credited to a special purpose fund established under the Public Finance Ordinance (Chapter 2 of the Laws of Hong
Revenue Ordinance and its provisions including those concerning automatic exchange of financial account information); (2) any guidelines or guidance given or issued by any legal, regulatory, governmental, tax, law enforcement or other authorities, or self-regulatory or
Section Section Topic Here app1.hkicpa.org.hk
According to the Internal Revenue Service (“IRS”) of the U.S. 1 , FATCA will require foreign financial institutions (“FFIs”) to report to the IRS certain information about
a net profit of HK.5 billion. Its net assets were stated to be some Its net assets were stated to be some HK.6 billion (with cash and bank deposits equivalent to HK billion).
Donations of or over HK0 will be issued receipts for tax-deduction purposes. The University of Hong Kong, under The University of Hong Kong, under Section 88 of the Inland Revenue Ordinance, is exempt from any tax as it is an educational institution of a public character.
(under Inland Revenue Ordinance) Registered under Companies Ordinance Registered under Societies Ordinance Registration of a School Others: Address of Organisation Tel Fax Name of Signatory Mr. / Ms.* (English) (Chinese) Position Held by Signatory Tel Fax Email PART II Major Facilities Required : Venue Concert Hall Grand Theatre Studio Theatre Exhibition Gallery Priority 9am Dates –1pm 2 6
Appropriation Ordinance and the Supplementary Appropriation Ordinance. (ii) The Statement of Assets and Liabilities and the Statement of Receipts and Payments of the statement of the receipts and payments of the Government as specified in section 11(1)(a) and (b)
enacted as Inland Revenue (Amendment) (No. 6) Ordinance 2018 (the BEPS and TP Ordinance) and come into force after it has been signed by the Chief Executive and published in the Gazette (expected to take place by 13 July 2018). This is a milestone in Hong Kong taxation as the BEPS and TP Ordinance formally introduces a TP regulatory regime and TP documentation requirement into Hong …
to Department of The Treasury Internal Revenue Service of United States of America (“IRS”) for compliance with the Foreign Account Tax Compliance Act (“FATCA”) of United States of America.
terms can be found within the Inland Revenue Ordinance (Cap. 112 of the Laws of Hong Kong) (“IRO”) or the website of Inland Revenue Department of Hong Kong. If the policyowner is a tax resident of Hong Kong, the TIN is the Hong Kong Identity Card Number (for individual) and the Hong Kong
provisions in the Estate Duty Ordinance. In July 2003, the IRD was preparing In July 2003, the IRD was preparing a consultation paper for consulting the parties concerned.
Head 3 — INTERNAL REVENUE Underlying Changes in Revenue Yield The 2014–15 revised estimate of 7,451,193,000 reflects a net increase of ,850,305,000 (22.6%) over the
residency status as required under HK by the Inland Revenue (Amendment) (No. 3) Ordinance 2016 (“the Amendment Ordinance”) which came into effect on 30 June 2016. Business Banking, Retail Banking (Version as of Mar 2017) Page 2
Ordinance with a view to enhancing Hong Kong’s status as an international commercial and financial centre and its competitiveness. The objectives of the exercise are to enhance corporate governance, facilitate business, ensure better regulation and modernise the law. In January 2011, the Companies Bill was introduced into the Legislative Council and it was passed in July 2012 to become the
Terrorist Financing (Financial Institutions) Ordinance of Hong Kong (Cap. 615 of the Laws of Hong Kong) Applicable Agreement means any other agreement, document
It is a bit confusing, some would say Hong Kong is already offshore. But this is in terms of offshore from Hong Kong. The tax department here is the IRD, Internal Revenue Department.
1/07/2014 · Agreement between the Government of the Hong Kong Special Administrative Region of the People’s Republic of China and the Government of the United States of America for Cooperation to
Inland Revenue Ordinance (Chapter 112 of the laws of Hong Kong) Our Group carries out business in Hong Kong and is subject to the profits tax regime under the Inland Revenue Ordinance.
It will also amend the Inland Revenue Ordinance (an amendment Bill is to be released), and will work on increasing the level of public awareness. 13 AEOI will commence with Japan and the UK from 2018. 14 However, some concern has been expressed over the impact of AEOI.
5 June 2014 Global Tax Alert Hong Kong treated as having an IGA in effect; releases FATCA FAQ On 9 May 2014, Hong Kong was added to the list of jurisdictions that have reached an “agreement in substance” for the pending Model 2 Intergovernmental Agreement (IGA) with the United States under the Foreign Account Tax Compliance Act (FATCA). The US Internal Revenue Service (IRS) had …
HK, Finland tax treaty in force (December 27, 2018) Inland Revenue Department Notice Tax is falling due Tender payment promptly to avoid (December 12, 2018) Stamp Duty statistics (November 2018) (Press Release – December 7, 2018) Inland Revenue and MPF Schemes Legislation (Tax Deductions for Annuity Premiums more news. What’s New: (December 28, 2018) Annual Open Data Plan for 2018
Section B lcsd.gov.hk
Hong Kong Revised Internal Revenue Service
Donation Form ArthurYauMemorialFund HKU Alumni
Agreement between the Government of the Hong Kong Special