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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
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 which will revert Hong Kong to the general shipping income tax… Continue reading Termination of the Shipping Income Tax Agreement Between the United States and Hong Kong
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… Continue reading Tax Incentives in the Greater Bay Area and Free Trade Zones/Port in Southern China
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 (Companies… Continue reading British Virgin Islands Economic Substance Legislation
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 business bank account with a virtual bank provider. Currently, Hong Kong has 8 virtual banks and a growing number of… Continue reading Are Virtual Banks a Viable Banking Solution?
COVID-19 has affected most, if not all, people and businesses worldwide. Due to worldwide strict quarantine measurements and travel restrictions, people are being banned or discouraged from entering and leaving countries and consequently are required by (local) governments and/or their employers to work from home or even from different countries. This has created undesired COVID-19… Continue reading COVID-19 Tax Impacts
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