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In Hong Kong, we are somehow in the very ‘luxurious’ position not to have only 1 General Anti-Avoidance Rule provision (“GAAR”), but even to have 2 GAAR provisions. The first GAAR provision can be found in section 61 of the Hong Kong Inland Revenue Ordinance (“IRO”), and the second GAAR provision in section 61A of… Continue reading Hong Kong General Anti-Avoidance Rules
The charging provision of profits in Hong Kong, detailed in article 14 of the Inland Revenue Ordinance (IRO), might be considered as simple by ‘outsiders,’ it is far from straightforward, as the charging provision can be open to many different interpretations. As a result, even the most straightforward cases regarding capital receipts and gains can… Continue reading Aviation Fuel Supply v CIR: Capital Receipts & Gains Dispute
Taxation is a part of life, but how it is applied can vary significantly from one jurisdiction to another. Hong Kong, with its relatively low, simple and straightforward tax structure, stands out as a preferred location for businesses and individuals alike. In this article, we’ll explore what taxation is, its role in society, and why… Continue reading Taxation in Hong Kong
Audit firms play an essential role in today’s complex financial and regulatory environments. These firms provide crucial services to businesses by ensuring accuracy, transparency, and compliance in financial reporting.
Non-authorised financial institutions involved in one or more of the SFO’s regulated activities need to be licensed by the SFC.
While tax avoidance is lawful, crossing the line into tax evasion can lead to serious penalties.
On 16 October 2024, the Chief Executive of Hong Kong, Mr. John Lee, delivered his third Policy Address speech, with the theme ‘Reform for Enhancing Development and Building Our Future Together’.
Depending on the circumstances, it is possible to restore a dissolved company through two main routes: administrative restoration and court order restoration.
The 3-day event in Hong Kong attracted about 500 tax officials, tax experts as well as representatives from nearly 50 countries
On 24 September 2024, Hong Kong signed a double taxation agreement with Turkey (“DTA-HK/TR”). This DTA will enter into force after completion of the ratification procedures by both jurisdictions.
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