Taxation

Introduction

Hong Kong has a simple and business friendly tax regime with no sales tax, capital gains tax, estate duty and withholding taxes on dividends and interests. Only income sourced in Hong Kong is taxable. The fiscal year end is 31 March. The Inland Revenue Department issues tax returns, and assessments are issued based on information filed. The assessment shows the amount assessed, the tax payable, and due dates for payment. The main categories of taxes levied on corporations and individuals in Hong Kong are Profits Tax, Salaries Tax and Property Tax. T.C. NG & COMPANY CPA LIMITED has built up a wealth of tax service experience drawn from a variety of sources. Our integrated approach to tax planning and tax compliance ensure that clients’ tax affairs are handled effectively and efficiently.

Profits Tax

Profits Tax is imposed on all corporations carrying on business for assessable profits sourced in Hong Kong. The assessable profits for a business are calculated on the profits of the accounting year ending in the year of assessment. Tax losses may be carried forward indefinitely, to be offset against future profits of the company. T.C. NG & COMPANY CPA LIMITED is experienced in helping corporate clients with their tax affairs. We can help to prepare tax computations, complete and file tax returns with the IRD on a timely basis. We ensure that all applicable deductions are claimed. We can advise on structuring your business to minimize Hong Kong and overseas taxes. We advise on IRD tax field audit and investigation cases. When appropriate, we can assist companies to secure certain provisional profits tax to be held over, thus relieving temporary cash flow problems.

Salaries Tax

Salaries Tax is charged on all income arising in or derived from Hong Kong from any office or employment or pension. Certain employees under foreign employment who perform their services both in and outside Hong Kong may apply to have a portion of their remuneration excluded from Hong Kong on a time apportionment basis. In this area, we have experience in assisting individuals to claim the applicable part of their income not subject to Hong Kong tax. We can also advise on the taxability of various fringe benefits or termination payments individuals may receive from their employer or structure those benefits in a tax efficient way.

Need more Information? Contact

Eddie Man 文景智


Tel

+852 2575 7383

Fax

+852 2838 2239

E-Mail

eddieman@tcng-cpa.com