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
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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
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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
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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 MoreChina deposits BEPS MLI ratification instrument
On 25 May 2022, China 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). China's instrument of approval also covers Hong
See MoreHong Kong: IRD issues profits tax, property tax and employer’s returns for 2021-22
The Inland Revenue Department today (April 1) issued about 220,000 profits tax returns, 120,000 property tax returns and 300,000 employer's returns for the year of assessment 2021-22. About 2.48 million tax returns for individuals will be issued on
See MoreHong Kong: IRD extends the CbC notification deadline
On 18 March 2022, the Hong Kong Inland Revenue Department issued a press release announcing an extension of the CbC notification deadline for accounting periods ending between 31 December 2021 and 28 February 2022. Under section 58H of the
See MoreHong Kong: Block Extension Scheme for Lodgement of 2021/22 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 2021/22 Tax Returns. In this letter, the term “tax representative” refers to a
See MoreIMF Report Looks at the Economy of Hong Kong SAR
On 8 March 2022, the IMF published a report following discussions with the Hong Kong Special Administrative Region (SAR) of China, under Article IV of the IMF’s articles of agreement. The economy of Hong Kong SAR has undergone a strong
See MoreHong Kong announces 2022/23 Budget
The Hong Kong budget announcements for 2022/23 were delivered on 23 February 2022. BEPS 2.0 proposals Hong Kong will bring in a legislative proposal in the second half of 2022 to enact the requirements of the OECD/G20 agreement in relation to
See MoreHong Kong: Tax measures proposed in 2022-23 Budget
On 23 February 2022, Hong Kong Financial Secretary Paul Chan delivered the 2022-23 Budget providing following corporate tax measures. The Financial Secretary proposed a one-off reduction of profits tax for the year of assessment 2021/22 by 100
See MoreIMF: Report on the Economy of Hong Kong SAR
On 20 January 2022 the IMF published a report on the economy of Hong Kong SAR (China) following discussions under Article IV of the IMF’s articles of agreement. Hong Kong SAR's economy has recovered strongly from a number of domestic and
See MoreHong 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
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