Hong kong taxation and tax planning 16th edition pdf

Hong kong is expected to follow the new international tax norms, as it has done with respect to other international tax developments. Kevin washburn joined iowa law as its 18th dean on june 15, 2018. Apr, 2012 module d taxation module preparation seminar patrick ho ll. As a member of the inclusive framework, hong kong has begun to fulfill its pledge to put in place the oecd beps initiatives with this enactment. Tax law definition taxation is a governmental assessment upon property value, transactions, estates of the deceased, licenses granting a right and or income, and duties on imports from foreign countries. Hong kong is highly sought after for businesses for its simple taxation structure and lower taxation fees. Rics professional standards and guidance, global code of. Students are encouraged to sit and pass sbr before attempting aaa.

Study resources for the acca exam advanced audit and assurance aaa. Pearsons federal taxation 2019 individuals 32nd edition. It provides advice to members of rics on aspects of the profession. Pkf hong kongs professional tax advisors provide comprehensive tax and business advisory services in respect of the hong kong tax regime. The objective of hong kong taxation and tax planning is to provide readers with taxation knowledge from the basic to the advance level of tax planning. The government of hong kong has more information on that here. In view of the growing importance of asianpacific economies, a familiarity with the basic tenets of different countries tax systems is a necessity. Property tax is charged at 15% on the net assessable value of any land or buildings in hong kong. The judges cited sophisticated offering as well as our innovation and forward thinking as key differentiators of the fry groups planning capabilities. You will be double taxed on your hong kong profits, but the u. Whether the licence fee received by dutch co from smartcake ltd will be subject to profits tax in hong kong and if so, the extent of any tax liability and how the tax will be collected. Unincorporated businesses pay a lower corporate tax rate of 15%. The scale 2 rates apply to residential property acquired by a hong kong permanent resident who does not own any other residential property in hong kong at the time of acquisition and in some other specified circumstances.

Hong kong, macau and taiwan and overseas chinese and the enterprises with their. Shop titles that span a variety of practice areas and market segments, from healthcare to government, and securities to banking. The whole party must unswervingly hold high the great banner of socialism with chinese characteristics and lead the people in starting from this new historical point, grasping and making the most of the important period of strategic opportunities, staying realistic and pragmatic, forging ahead with determination, continuing to build a. Welcome to your pearson store where lifelong learning starts.

Strategic tax management in hong kong and china af5222. At the same time, this book is a very valuable tool for students learning their materials for the preparation of. At the same time, this book is a very valuable tool for students learning their materials for the preparation of academic and professional examinations. The current edition includes the 201112 budget changes and the latest developments in taxation. The profits distributed to the partners are not taxable under the corporate taxation regime, however, they.

Advanced taxation hong kong time allowed reading and planning. Income derived from outside hong kong is exempt subject to rules deeming certain receipts to be derived from hong kong regardless of residence status. The textbook contains case law discussions, some departmental interpretation and practice notes and interpretation of the relevant tax statutes. During the two years since our last edition of this publication, global market economies continued to. Included in the chapter which examines international tax issues is a new section on hong kong taxation issues for mainland investors into hong kong. Australian listed companies 7 7aasb 4 interim financial reports.

Basic tax planning basic tax planning ideas for individuals and other entities. Preparing financial and operational analysis for management control and planning. Our advice covers major taxes including profits tax, salaries tax, property tax, stamp duty, which are tailormade for all corporate and individual clients throughout the entire business cycle. Personal income taxation joint vs seperate taxation and nonresident tax payer, personal income taxation luxembourgfrench connection, overview of the 2019 tax measures, digital business models and update on vat. International tax reforms target tax planning strategies. In addition, hong kong doesnt have gift or estate taxes. Subject code af5208 subject title taxation management in hong. Deloitte events audit, consulting, advisory, and tax services. Mylab helps you focus your time when and where you need it, and gives you the resources to tackle your weaknesses. Taxes provide the most important revenue source for the government of the peoples republic. The maximum tax is subject to the 15% standard rate for income without personal deductions and credits. Helping you navigate regulatory complexity and strengthen trust and transparency. Qualification programme module d taxation the hong kong.

H ltd is a subsidiary of m ltd which carries on business in malaysia. You are not required to consider the effect of the hong kong netherlands double taxation agreement. South africa, which became a republic in 1961 and transitioned to a constitutional democracy in 1994, is a middleincome, emerging market with an abundant supply of natural resources, such as gold, platinum, and diamonds. Try our instant tax calculator and find out how much you have to pay as corporate tax and dividend tax in hong kong. Youll learn which government agencies regulate insurance and annuity products and why. H ltd carries on business in hong kong and has its central management and control exercised in hong kong. Dividend income and interest income derived from deposits are tax exempt too. Illustration 42 income statement boc hong company income statement for the year ended.

Hong kong taxation and tax planning 1516 by ho, patrick kinwai. Pages in category taxation in hong kong the following pages are in this category, out of total. Teachinglearning methodology lectures will focus on the explanation of relevant principles and practice of taxation under the inland revenue ordinance in hong kong, with reference to tax cases wherever appropriate. Legislation, date of issue and issued by, effective date. Hong kong taxation and tax planning hong kong taxation and. Getting your tax matters on track will free up your time to do what really counts. The offshore profits and those derived from the sale of capital assets are excluded. The most defining aspects of hong kong taxation is its flat corporate taxation rate and the territorial corporate tax system. The volume covers the major areas of hong kong taxation. He was featured as a tax expert on good morning america and npr, and in publications including money magazine, u. Most recently he was a regents professor of law at the university of new mexico school of law and had served as its dean from june 2009 to october 2012, when he was appointed by president obama and confirmed by the senate to be the assistant secretary of indian affairs at the u.

In hong kong, the property tax is not an ad valorem tax. Hong kong taxation and tax planning hong kong taxation. Tax tables 2 1 the tax system in hong kong 3 2 administration procedures under the inland revenue ordinance 6 3 hong kong profits tax 8 4 nonresident persons 11 5 hong kong salaries tax 23 6 hong kong property tax 24 7 personal assessment 24 8 hong kong stamp duty 24 9 introduction to tax planning 24 10 tax investigation and field audit 24 11. Our calculator also indicates the existence of any double taxation treaty signed with your country of residence. In hong kong, profits tax is an income tax chargeable to business carried on in hong kong. It is more representative of the type found in practice. Hong kong tax manual, cch asia pte limited encyclopaedia of hong kong taxation, pg willoughby and aj halkyard, butterworths hong kong institute of certified public accountants members handbook, hong kong institute of certified public accountants relevant articles in a plus hong kong inland revenue handbook, nisha mohamed, lexis nexis.

Upon settlement of salaries tax by the employees, ird will issue a written. Kindly note that this application is only a simplistic tool. Taxes such as capital gains tax, sales tax, vat, annual net worth tax as well as accumulated taxation on earnings do not exist. The hong kong polytechnic university hong kong community. Regulation and taxation hong kong version ecourse soa. Hksar ird departmental interpretation and practice notes dipn. Routledge is the worlds leading academic publisher in the humanities and social sciences. This section focus on only the property tax involved when an individual or a body incorporate owning a property, for the other fee and duty involved, we are going to talk about it here. The taxation of a partnership registered in hong kong is made on its worldwide profits. There is a duty imposed by hong kong on stocks and property transactions. Browse our extensive offering of expert legal resources, tools and workflow solutions for legal, corporate and compliance professionals.

If you were planning to sit an exam in june 2020 and it has been cancelled you. In march, 2004, financial secretary henry tang announced that the introduction of a sales tax was likely to be at least three years away. Note that the level of accounting knowledge for aaa is aligned to the sbr syllabus. Get immediate feedback and a personalized learning experience. Hong kong does not offer targeted incentive regimes to overseas investors or foreignowned firms. Research report on the investment environment of foshan city.

Totally new by patrick kinwai ho get great deals on textbooks chat to buy. The source of profits is one of the most controversial topics in. Regional tax mergers and acquisitions leader pwc hong kong. Hong kong taxation the hong kong institute of chartered. Understanding mergers and acquisitions tax in asia 2012 forewor d \ nick dignan. Companies and individuals sole proprietors carrying out business in hong kong will be liable to profits tax provided that the profits are sourced in hong kong. Applying the territorial taxation concept, only profits sourced in hong kong are taxable in general. Hong kong is widely recognized as one of the major.

Hong kong taxation and tax planning, 16th edition hong. Check out this tax guide to know more about hong kong tax system. An audit of a listed companys financial report is a reasonable assurance engagement where the auditor provides an opinion about whether the financial report is prepared in accordance with. Property tax, salaries tax, profits tax, personal assessment, and stamp duty. During the period from 1 october 2007 to 31 march 2008, david was present in hong kong for a. Understanding mergers and acquisitions tax in asia 2012. Department of economics 33 sproul hall university of california, riverside riverside, ca 925210427 phone. Capital gains are not taxable in hong kong, although it is always arguable whether an income is capital in nature. Hold high the great banner of socialism with chinese. Policy and practice, fiscal publications, 15th edition 200809 august 2008 and 16th edition 20092010 august 2009 and 496pp and 499pp. The applicable corporate income tax rate in hong kong is 16. This reduces compliance costs, interest, penalties, and also ensures a company can budget accurately for the payment of its tax liabilities. All relevant hong kong standards on auditing issued by the hkicpa for taxation cch. Value added tax vat is an indirect tax that is charged on taxable supplies of goods and services by a taxable person in the ordinary course of business in the uk.

Walpole eds, further global challenges in tax administration, fiscal publications, birmingham, pp 175182. Hong kong profits tax is a tax levied on the net profits on business. The 2012 hong kong master tax guide not only explains all recent tax changes and their implications, but also continues its hallmark analysis of the underlying tax law, from basic legislation to court cases and the latest departmental interpretation and practice notes. Daily spent over 40 years as a tax attorney, helping individuals and small business owners make smart tax decisions and stay out of trouble with the irs. Marginal relief is available upon entry into each higher value band. Hong kong formally introduces a transfer pricing tp regulatory regime and documentation requirement into hong kong tax law. Ho, patrick kinwai, hong kong taxation and tax planning, 16th edition, hong. With effect from 18 may 2015 this code became globally applicable. Free trade may apply to trade in services as well as in goods.

Profit tax of hong kong company tax and accounting in. Many have noticed the problems of using such a worldwide system of taxation. Another consideration for iras is that creative tax planning may have led to increase use of tax havens thereby eroding its revenue base. There is no capital gain tax for both companies and individuals.

Hong kong hosts the largest concentration of ultra highnetworth individuals of any city in the world. This is the second edition of the study, which was initially published in october 2007. And as if this is not enough, hong kong actually plans to completely remove stamp duty on any sales andor issue of shares as well as securities so that direct taxation is further reduced. The fry group hong kong tax, wealth and estate planning. We provide the tax news and insight you need to stay ahead on critical issues. Sep 27, 2019 free enterprise is an economic system where few restrictions are placed on business activities and ownership in terms of trade and government intervention. These include value added tax, withholding of taxes, taxes on capital gains, sales tax, and wealth taxes. Buy hong kong taxation and tax planning 16th edition in hong kong, hong kong. Law and practice, 201617 edition, the chinese university. Containing strong pedagogical tools that enable readers to apply tax principles within the text to reallife situations, and tax information from 2017 and early 2018, pearsons federal taxation 2019 individuals, 32nd edition provides an uptodate resource and better teaching and learning experience for instructors and their students. A property tax or millage rate is an ad valorem tax on the value of a property, usually levied on. Check back the third week in february when we will release the findings from the interviews we conducted with over 120 global board members, business leaders and risk executives to investigate the actions risk functions are taking to. Hong kong taxation and tax planning by ho, patrick paperback 2018 isbn.

Salaries tax, profits tax and property tax are the only 3 income taxes imposed in hong kong. Noneconomic considerations may inhibit free trade as a country may espouse free trade in principle, but ban certain drugs such as alcohol or certain practices such as prostitution and limiting international free trade. The regulation and taxation hong kong version ecourse gives you an overview of the regulatory environment of life and annuity insurance in hong kong, u. World tax is unique among directories as it classifies professional services, law. For example, consider the income statement shown in illustration 43 for boc hong company. Formulate and evaluate basic tax planning ideas and strategies in the context of relevant principles. The terms of his employment with star required david to work both in hong kong and singapore. This chapter aims to provide investors with key concepts and practical explanations on hong kong taxation, and guidance on taking advantage of the taxation policy for individuals and enterprises internal and external investments, in order to formulate a reasonable tax framework. The four broad types of property taxes are land, improvements to land. We publish thousands of books and journals each year, serving scholars, instructors, and professional communities worldwide. Hong kong taxation and tax planning by ho, patrick paperback 2019 isbn. The institute was incorporated as a company limited by guarantee on 29th september 1972 by a group of professionals with the major objectives of promoting the study of taxation, using as a venue for the exchange of taxation knowledge as well as to enhance the standard of tax professionals.

This publication is for general information purposes only. Hong kong has a major capitalist service economy characterised by low taxation and free trade, and the currency, hong kong dollar, is the eighth most traded currency in the world. A single destination for a vast collection of ebooks in. Kaplan patrick ho hong kong taxation and tax planning pilot publishing ltd hksar inland revenue ordinance chapter 112 and inland revenue rules. It is also charged on the import of goods into the uk from outside the ec, on the acquisition of goods from within the ec and on some imports of services. Butterworths hong kong company law handbook, 21st edition.

Hkicpa and ftms module d taxation module preparation. Each edition rates the tax expertise offered in various jurisdictions, giving tax executives the most comprehensive information about the market for tax advice. New tax measures in luxembourg and the international tax landscape 17 january 2019 the breakfast will cover the following topics. The fry group hong kong scooped the prestigious excellence in investment planning category in this years prestigious international adviser best practice awards. Hong kong does not currently have a sales tax, but there has been much discussion of the need for one. Browse and buy digital learning products and textbooks for accounting from top authors and experts. This statement is a condensed version of the more detailed income statement presented in illustration 42. Lee, d advanced taxation in hong kong, 18th edn, pearson. It includes all contributions imposed by the government upon individuals for the service of the state. Hkicpa and ftms module d taxation module preparation seminar.

The annual world tax guide is a key resource in assisting tax professionals locate specialist advice. Itr world tax the guide to the worlds leading tax law and. Hong kongs general tax scheme property tax salaries tax pro. Module d taxation module preparation seminar patrick ho ll. Section a both questions are compulsory and must be attempted section b two questions only to be attempted rates of tax and tables are printed on page 3. The hkics has full responsibility for ensuring that its examinations meet international standards and hong kong variant papers are now set in key examination subjects, such as taxation, company law, company secretarial practice. Tax savvy for small business tax strategy guide legal. Initially 34 members subscribed to the memorandum and articles of association. M, mba, mcs, fcpa, fcca, ftihk, pcll author of hong kong taxation and tax planning principal lecturer, ftms training systems hk ltd, april 2012. The book covers the major areas of hong kong taxationproperty tax, salaries tax, profits tax, personal assessment and stamp duty. Mousa xbrl the views of stakeholders, acca research report 111, december 2009, 70pp.