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
As a result of an increase of foreign investments in Mainland China and a strong demand for foreign talents by local Mainland Chinese companies, many foreigners are working nowadays either permanently or temporarily in Mainland China. These foreigners are advised to do proper ahead of time tax planning or revise their employment/assignment arrangements in Mainland… Continue reading Mainland China Individual Income Tax for Foreigners
Received your Tax Demand Note? Don’t blindly pay the ‘Green Bomb.’ Learn how to verify your tax assessment, apply for a holdover of provisional tax, and lodge a valid tax objection to ensure you aren’t overpaying. Read our step-by-step guide.
The question whether or not the profits including commissions arising out of securities and commodities trading are subject to Hong Kong corporate income tax have been subject to several Hong Court cases. In Nice Cheer Investment Limited v CIR (HCIA 8/2007), dated 28th of June 2011, were however the unrealised gains arising out of the… Continue reading Trading Securities and Commodities and Corporate Income
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?
Thinking of migrating to Australia? It’s a beautiful country, but have you considered the potential tax implications of migrating to Australia?
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
Proper accounting is complicated, time-consuming and requires (up-to-date) knowledge. Therefore, many SMEs and start-ups choose to outsource their company’s accounting functions.
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”
Due to global implementation of common reporting standard (CRS) and automatic exchange of information (“AEOI”), financial institutions (“FIs”) are required to conduct due diligence on tax residency certificate holders to ascertain their tax residency, and accordingly whether certain information of the financial accounts of the account holders is required to be exchanged to foreign tax… Continue reading Erroneous Tax Residency Risks
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