On 4 November 2016, the Hong Kong SAR Government (‘the Government’) proposed a stamp duty increment. This increased the previous Scale 1 rates (i.e. ranged from 1.5% to 8.5%) on ad valorem stamp duty (‘AVD’) in respect of residential properties to a flat rate of 15%, for the purpose of combating the speculative activities in… Continue reading Increment of Stamp Duty Rate on Residential Property Transactions in Hong Kong
The Organisation of Economic Cooperation and Development (“OECD”) is currently working on a new digital taxation proposal to further address the Base Erosion and Profits Shifting (“BEPS”) project, which is also commonly known as “BEPS 2.0”. BEPS 2.0 has two components, namely Pillar One and Pillar Two. Pillar Two (i.e. the imposition of a global… Continue reading Digital Taxation – A Global New Tax for Digital Economy
HKWJ Tax Law & Partners Limited offers a tax health check to all its new potential clients. Upon engaging us, we will set-out in a memo, which is based on the information you provide to us about yourself or your company, the potential tax issues you or your company will be facing and the potential… Continue reading Tax Health Check – Are You Tax Ready?
Many businesses and entrepreneurs have become fully aware that since the last couple of years, it has become rather difficult either to maintain & keep their Hong Kong corporate bank account open and alive or even simply to apply for a Hong Kong corporate bank account. Despite providing the banks with the requested information or… Continue reading Corporate Bank Accounts Closures
On 25 November 2020, the Chief Executive, Mrs Carrie Lam, announced in her Policy Address to abolish the Doubled Ad Valorem Stamp Duty (“DSD”) on non-residential property transactions with effect from 26 November 2020. Accordingly, any chargeable instruments on commercial property market transactions executed on or after 26 November 2020 will be subject to Stamp… Continue reading Is it a Silver Lining for Hong Kong’s Commercial Property Market?
The Institute for International Finance (“IIF”) recently warned of the attack of the debt tsunami as a result of the unprecedented fiscal and monetary stimulus packages implemented by governments around the globe pushing the global debt levels to a new high of more than US$ 272 trillion in the third quarter of 2020. The IIF… Continue reading Hong Kong as a Safe Harbor Amid the “Attack of Debt Tsunami”
A freelancer may see themselves as a causal employee working with different employers without committing his/her full time to them. However, without any relationship of master and servant, if the freelancer’s income is derived from providing professional or personal services in Hong Kong, he/she will be considered as carrying on a business and a self-employed… Continue reading Is a Freelancer Considered as Carrying on a Business in Hong Kong?
Due to the COVID-19 pandemic, governments have taken unprecedented measures such as implementing strict quarantine requirements or travel restrictions. As a result, senior executives who are used to travel frequently may now be forced to stay much longer in a host country than usually or even get stranded there. This situation may raise significant Covid-19… Continue reading Covid-19 Tax Concerns in Hong Kong
The OECD is currently working on a new proposal to further address the Base Erosion and Profits Shifting (“BEPS”) project. The BEPS project itself was launched to prevent multinational enterprises (“MNEs”) from the exploitation of gaps and mismatches in tax rules by artificially shifting profits from high to low or no-tax locations where there is… Continue reading The End of the Offshore Regime in Hong Kong?
The Comprehensive Avoidance of Double Taxation Arrangement between Hong Kong and Macao (“CDTA-HK/MC”) is the latest of Hong Kong 45 international double taxation agreements. It has entered into force on 18 August 2020. It will be applied in Macao and Hong Kong as from 1 January 2021 and 1 April 2021 respectively. This agreements follows… Continue reading Double Taxation between Macao and Hong Kong Arrangement In Force
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