Hong Kong: IRD extends filing deadline for 2020/21 profits tax returns
On 14 January 2022, the Inland Revenue Department of Hong Kong published a circular letter extending the deadline for filing 2020/21 profits tax returns for loss cases with accounting date code 'M. Recognising the impact of the recent worsening
See MoreHong Kong: IRD issues guidance on tax matters arising from the COVID-19 Pandemic
On 29 July 2021, the Inland Revenue Department (IRD) of Hong Kong issued guidance examining certain tax issues arising from the coronavirus (COVID-19) pandemic. IRD noted that their approach in relation to the tax issues is generally in
See MoreHong Kong: IRD issues profits tax, property tax and employer’s returns for 2020-21
On 1 April 2021, the Inland Revenue Department issued about 210,000 profits tax returns, 120,000 property tax returns and 320,000 employer's returns for the year of assessment 2020-21. About 2.6 million tax returns for individuals will be issued on
See MoreHong Kong: Block Extension Scheme for Lodgement of 2020/21 Tax Returns
On 29 March 2021, Inland Revenue Department (IRD) of Hong Kong has published a circular letter to tax representatives on the block extension scheme for lodgement of 2020/21 Tax Returns. The circular letter is to advise the taxpayers of the return
See MoreHong Kong: Tax measures proposed in 2021-22 Budget
On 24 February 2021, Hong Kong Financial Secretary Paul Chan presented the 2021-22 Budget providing following tax measures. The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the
See MoreHong Kong gazettes Inland Revenue Bill 2021
On 29 January 2021, the Hong Kong’s Government published the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 (the Bill) in the Gazette. The Bill aims to amend the Inland Revenue Ordinance (Cap. 112) to provide tax
See MoreHong Kong issues regulation on tax concessions for insurance-related businesses
On 15 January 2021, the Hong Kong’s Government gazetted subsidiary legislation to implement the new profits tax concessions for insurance-related businesses on March 19, 2021. Enacted in July 2020, the Inland Revenue (Amendment) (Profits Tax
See MoreHong Kong: Chief Executive in Council make orders on CDTAs with Serbia and Georgia
On 21 October 2020, the Chief Executive in Council has made two orders under the Inland Revenue Ordinance (Cap. 112) to implement the Comprehensive Avoidance of Double Taxation Agreements (CDTAs) with Serbia and Georgia. The orders will be gazetted
See MoreHong Kong: IRD updates CbC XML schema and user guide
On 6 October 2020, Inland Revenue Department of Hong Kong has published the updated CbC reports XML schema and user guide. The Department has developed a data schema in XML which is based on the CbC XML Schema issued by the OECD. The data schema
See MoreHong Kong and Georgia enter into tax pact
On 5 October 2020, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, on behalf of the Hong Kong Special Administrative Region Government, signed a comprehensive avoidance of double taxation agreement (CDTA) with
See MoreHong Kong: IRD commence TP documentation compliance reviews
In September 2020, the Hong Kong Inland Revenue Department (IRD) began conducting the first round of compliance reviews of the taxpayers' transfer pricing documentation and issuing requests for information in accordance with Section 51 (4) A and 51
See MoreHong Kong: IRD extends the due dates for filing profits tax returns for 2019/20
On 9 September 2020, the Inland Revenue Department (IRD) of Hong Kong has published a Circular Letter to Tax Representatives extending the deadline for filing Profits Tax returns. Accordingly, the Inland Revenue Department decided to extend the
See MoreHong Kong and Russia sign an agreement for the exchange of CbC report
On 3 September 2020, the Russian Federal Tax Service has announced that Hong Kong and Russia signed an agreement on the exchange of Country-by-Country (CbC) reports for the 2017 and 2018 reporting years. For reporting fiscal years beginning on or
See MoreHong Kong and Serbia enter into tax pact
On 28 August, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, on behalf of the Hong Kong Special Administrative Region Government, signed a comprehensive avoidance of double taxation agreement (CDTA) with Serbia. The
See MoreHong Kong: Tax relief measures for taxpayers facing difficulties in setting tax bills
On 12 August 2020, the Hong Kong Inland Revenue Department announced that taxpayers who encounter financial difficulties in settling their tax bills on time may apply to the Inland Revenue Department (IRD) for payment of tax by instalments before
See MoreHong Kong: IRD publishes revised guidance concerning APA procedures
On 15 July 2020, the Inland Revenue Department (IRD) of Hong Kong released the DIPON 48 regarding advance pricing arrangement (APA) procedures. The Departmental Interpretation and Practice Notes No. 48 has been updated mainly to (a) reflect the
See MoreHong Kong: Tax payment deadline automatically extended by three months
On 8 April 2020, the Chief Executive announced that to ease the financial burden and cash flow of businesses and individuals arising from COVID-19, tax payment deadlines for salaries tax, personal assessment and profits tax demand notes for the
See MoreCOVID-19: Hong Kong extends tax deadlines
On 4 April 2020, Inland Revenue Department announced that in view of the latest situation of COVID-19, deadlines for tax payments and lodgement of objections and holdover applications as well as submission of tax returns and information that fall
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