COVID-19: Hong Kong announces tax relief measures
The Hong Kong government has announced a series of measures in response to the coronavirus (COVID-19) pandemic. Taxpayers who encounter financial difficulties in settling their tax bills on time may apply to the Inland Revenue Department (IRD) for
See MoreHong Kong and Mainland China sign an agreement for the exchange of CbC reports
On 4 March 2020, the Inland Revenue Department (IRD) of Hong Kong announced that Mainland China and Hong Kong have entered into a bilateral arrangement for the automatic exchange of country-by-country (CbC) reports. Under this, Hong Kong entities
See MoreHong Kong: Financial Secretary presents the budget for 2020/21
On 26 February 2020, the Financial Secretary Paul Chan Mo-po announced the 2020/21 budget outlining the Hong Kong SAR Government’s plan for the economy and proposals for taxation developments. He proposed the following tax concessionary measures,
See MoreHong Kong: IRD extends CbC reporting deadline for local filing
On 18 December 2019, Inland Revenue Department announced an extension to the due date for local filing of some country-by-country tax reports. The local filing requirement applies to a relevant accounting period beginning on or after 1 January
See MoreDTA between Estonia and Hong Kong enters into force
On 18 December 2019, the Double Taxation Agreement (DTA) between Estonia and Hong Kong was entered into force and applies from 1 January 2020 for Estonia and from 1 April 2020 for Hong Kong. The DTA contains Dividends rate 0% if the beneficial
See MoreHong Kong publishes an order to implement the tax agreement with Estonia
On 9 October 2019, the Hong Kong’s Chief Executive in Council made an order under the Inland Revenue Ordinance (Cap. 112) to implement the Comprehensive Avoidance of Double Taxation Agreement with Estonia (Estonia CDTA) that was signed on 25
See MoreHong Kong publishes an order to implement protocol with Mainland (China)
On 2 October 2019, the Hong Kong’s Chief Executive in Council made an order under the Inland Revenue Ordinance (Cap. 112) to implement the Fifth Protocol to the Comprehensive Avoidance of Double Taxation Arrangement with the Mainland (Mainland
See MoreHong Kong publishes an order to implement the tax agreement with Cambodia
On 2 October 2019, the Hong Kong’s Chief Executive in Council made an order under the Inland Revenue Ordinance (Cap. 112) to implement the Comprehensive Avoidance of Double Taxation Agreement with Cambodia (Cambodia CDTA) that was signed on 26
See MoreHong Kong: IRD revises practice notes on deduction of foreign taxes
In the middle of August 2019, the Hong Kong Inland Revenue Department (IRD) revised Departmental Interpretation and Practice Notes No. 28 regarding Deduction of Foreign Taxes (“DIPN 28”). The updated version replaced the one issued on 19 July
See MoreHong Kong and Estonia sign new tax treaty
On 25 September 2019, the Secretary for Financial Services and the Treasury of Hong Kong and the Minister of Finance of Estonia signed a comprehensive avoidance of double taxation agreement (CDTA) in Tallinn, Estonia. The agreement sets out the
See MoreHong Kong: IRD updates penalty provisions for international tax
On 4 September 2019, the Hong Kong Inland Revenue Department updated its web page on penalty policies related to international tax matters, including fines and criminal penalties, for noncompliance with international tax obligations. The
See MoreHong Kong: IRD designs a webpage explaining the requirements of master file and local file
On 28 August 2019, the Hong Kong Inland Revenue Department published a webpage explaining the requirements in relation to master file and local file, and the Department’s approach to ensure compliance with the requirements. The webpage
See MoreHong Kong and Cambodia sign an agreement to eliminate double taxation and prevent tax evasion
On 26 June 2019, the Secretary for Financial Services and the Treasury, Mr James Lau, on behalf of the Hong Kong Special Administrative Region Government, signed a comprehensive avoidance of double taxation agreement (CDTA) with Cambodia, promoting
See MoreHong Kong and China sign 5th protocol to arrangement for avoidance of double taxation
On 19 July 2019, Hong Kong and China signed the fifth protocol to the arrangement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income with the commissioner of the state taxation
See MoreHong Kong issues practice note in the methodology for attributing profits to PEs
On 19 July 2019, the Inland Revenue Department (IRD) released Departmental Interpretation and Practice Note 60 (DIPN 60) which explains the concept of permanent establishment (PE) and the methodology for attributing profits to Hong Kong
See MoreHong Kong: IRD publishes departmental interpretation and practice notes on TP documentation
On 19 July 2019, the Hong Kong Inland Revenue Department (IRD) published the three “Departmental Interpretation and Practice Notes” (DIPNs) Nos. 58, 59 and 60. The notes have been issued to set out the Department’s interpretation and practice
See MoreHong Kong: IRD publishes practice note regarding R&D tax concession
On 11 April 2019, the Inland Revenue Department (“IRD”) published its practice note regarding the research and development (“R&D”) tax concession in Hong Kong. DIPN 55 sets out the IRD’s interpretation of the R&D tax
See MoreHong Kong: IRD extends Country by Country (CbC) reporting notification
On 21 March 2019, the Inland Revenue Department (IRD) published an announcement of extending CbC notification in respect of the accounting period beginning 1 January 2018. Under this, the notification deadline for accounting period beginning 1
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