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… read more

On 19 August 2020, the government of the United States (“the US”) announced that the agreement in respect of double taxation relief on income derived from the international operation of ships entered into between the US and Hong Kong (“the Agreement”) has been terminated. Pursuant to the Agreement, which has been effective since 1989, income… read more

Pursuant to a co-operation framework agreement entered into in July 2017, Hong Kong, Macau and nine municipalities in the Guangdong Province of Mainland China including Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing have strategically integrated to form the Greater Bay Area (“GBA”), with a view to develop the region as a world-class… read more

Individual Tax Return Filing for the Year 2019/20 The Hong Kong Inland Revenue Department or simply the Hong Kong Tax Authority (“IRD”) has now issued the year 2019/20 individual (salaries) tax returns (yes, that green envelope) for completion. Lodgement of tax exemption claims Individuals are obliged to report their relevant income in their individual tax… read more

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