Hong Kong: IRD issues circular letter extending due date for D code returns
On 29 June 2023, the Inland Revenue Department (IRD) published a Circular Letter announcing an extension of the deadline for “D” code profit tax returns. In the letter, IRD explains that given the real difficulties faced by businesses and
See More
Hong Kong: IRD revises application forms for certificate of resident status
On 8 June 2023, the Inland Revenue Department (IRD) issued an announcement, stating that it has revisited its approach to issuing the Hong Kong certificate of resident status. The Department has revisited its approach to the issuance of
See More
IMF Report Looks at the Economy of Hong Kong SAR
On 4 May 2023 the IMF published a report following discussions with Hong Kong SAR, China under Article IV of the IMF’s articles of agreement. The economy of the Hong Kong SAR economy has been recovering following the problems caused by the
See More
Hong Kong: IRD issues circular letter extending due date for N code returns
On 14 April 2023, the Inland Revenue Department (IRD) of Hong Kong issued a Circular Letter providing an extension of due date for N code returns. Recognising the genuine difficulties being experienced by businesses and practitioners in their
See More
Hong Kong: IRD issues profits tax, property tax and employer’s returns for 2022-23
On 3 April 2023, the Inland Revenue Department issued about 220 000 profits tax returns, 120 000 property tax returns and 310 000 employer's returns for the year of assessment 2022-23. About 2.4 million of tax returns for individuals will be issued
See More
Hong Kong: Block extension scheme for lodgement of 2022/23 tax returns
On 4 March 2022, the Inland Revenue Department (IRD) of Hong Kong has issued a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2022/23 Tax Returns. The circular letter is to advise the taxpayers of the return
See More
Hong Kong deposits BEPS MLI ratification instrument
On 21 February 2023, Hong Kong has deposited its instrument of approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention). Pursuant to Article 35(7)(b) of the
See More
Hong Kong: Tax measures proposed in 2023-24 Budget
On 22 February 2023, the Financial Secretary delivered the budget speech for 2023-24 proposing the following tax measures. The Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of
See More
Hong Kong: IRD publishes updated guidance on foreign-sourced income exemption regime
On 23 December 2022, the Inland Revenue Department of Hong Kong has published updated guidance on the new Foreign-Sourced Income Exemption (FSIE) regime in the Official Gazette. The FSIE which is introduced by the Inland Revenue (Amendment)
See More
Hong Kong welcomes passage of bill on foreign-sourced income exemption regime
On 14 December 2022, the Hong Kong Legislative Council has passed the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022. The bill introduces a new foreign-sourced income exemption (FSIE) regime for passive income
See More
Hong Kong and Mauritius enter into tax pact
On 7 November 2022, 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 More
Hong Kong: IRD gazettes taxation on specified foreign-sourced Income bill 2022
The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 (the Amendment Bill) was gazetted on 28 October 2022 and was introduced into the Legislative Council on 2 November 2022 to provide a new framework for Hong
See More
Hong Kong: Block Extension Scheme for Lodgement of 2021/22 Tax Returns
On 19 October 2022, the Hong Kong Inland Revenue Department (IRD) issued a Circular Letter extending the lodgement of 2021/22 tax returns to 30 November 2022. Recognising the genuine difficulties being experienced by businesses and practitioners
See More
Hong Kong: BEPS MLI enters into force
On 16 September 2022, OECD has published the update list of signatories and parties to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered into force for
See More
Hong Kong: IRD further extends the lodgement of 2021/22 profits tax return
On 8 September 2022, the Hong Kong Inland Revenue Department (IRD) issued a circular letter to tax representatives extending the lodgement of 2021/22 tax returns to 30 September 2022. Recognising the genuine difficulties being experienced by
See MoreHong Kong: IRD issues a circular extending lodgement for certain taxpayers
On 1 August 2022, the Hong Kong Inland Revenue Department (IRD) has published a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2021/22 Tax Returns. Recognising the impact of the recent situation of the
See MoreHong Kong: IRD publishes gazette on tax concessions for certain shipping-related activities
On 22 July 2022, the Inland Revenue Department of Hong Kong published in the Gazette “Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Ordinance 2022” to provide half-rate profits tax concessions (i.e. at a
See MoreHong Kong: IRD waives surcharges for payment of tax by instalments for businesses
The Inland Revenue Department (IRD) has started issuing tax demand notes for the year of assessment 2021/22. Taxpayers who encounter financial difficulties in settling their tax bills on time may apply for payment of tax by instalments before the
See More