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

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

Introduction Mainland China and Hong Kong have entered into their Fifth Protocol (“Fifth Protocol”) to their Comprehensive Avoidance of Double Taxation Arrangement (“CN/HK-DTA”), which has officially come into operation in Mainland China since 1 January 2020 and will apply in Hong Kong as from 1 April 2020. The major contents of the Fifth Protocol are… read more

Introduction On 26 February 2020, the Financial Secretary of Hong Kong announced the Budget for the fiscal year 2020-21. The forecast is that for the fiscal year 2019-20, there will be a deficit of around HKD 37.8 billion, and that the fiscal reserves are expected to become HKD 1,133.1 billion by 31 March 2020. The… read more