May 2020

Tax Consequences on Termination Payments

Introduction Due to the COVID-19 pandemic, many industries, such as aviation, tourism, hotel, hospitality, retail and catering, have been severely impacted. As a result, various employees, such as pilots and salesmen, have been dismissed by their employers. Some of those employees may be entitled to termination/redundancy/severance packages from their employers, such as a reward for… read more

Economic Substance Legislation on the British Virgin Islands

Introduction A number of investors worldwide, including Hong Kong and Mainland China, maintain entities on the British Virgin Islands (“BVI”) for various purposes, such as acting as a vehicle to hold share investments and/or intellectual properties, or to engage in trading, service and/or fund management business. Please note that the BVI introduced the Economic Substance… read more

Which Banking Solution is Suitable?

With the increasing reliance on financial technology (often shortened to fintech), traditional banks are no longer the only option for opening a bank account, instead, thanks to the developments in fintech, people now can open bank account with a neobank. There are two types of neobank and they can be classified into (i) companies that… read more

April 2020

Tax Impacts of the COVID-19

Introduction COVID-19 has, affected most, if not all, people in the world. Due to worldwide strict quarantine measurements and travel restrictions, people are being banned or discouraged from entering/leaving countries and consequently are required by (local) governments and/or their employers to work from home or even from different countries. As a result, for many, the… read more

March 2020

Salaries Tax Reporting by Employers and Employees – Any Errors Made?

Introduction Watch out! Are you receiving certain fringe benefits, such as housing benefits, share option benefits and share award benefits from your employer? Did you and your employer both report the fringe benefits to the Hong Kong Inland Revenue Department (“HK-IRD”) correctly in order to avoid any over-charge of your own Hong Kong salaries tax… read more

Archives

Sign up for news alerts