Insights & Topics

Non-Resident Individuals Income Tax Rates in Singapore and Hong Kong

June 25, 2015 Taxation

Singapore and Hong Kong are two international cities in the Asia Pacific region which attract a lot of foreigners for investment and work opportunities. One of the concerns these foreigners may have is the individual income tax liabilities on their income earned. In Hong Kong, the income tax rates applied to non-resident individuals have remained… Continue reading Non-Resident Individuals Income Tax Rates in Singapore and Hong Kong

Money Laundering Controls on Banks

June 4, 2015 Legal

Tax evasion and money laundering have been major concerns to most of the governments for years. In order to strengthen the control over money laundering activities through the banks, the Hong Kong Monetary Authority (the ‘HKMA’) has recently requested the banks in Hong Kong to closely look into their clients. In particular, the bank’s clients… Continue reading Money Laundering Controls on Banks

Hong Kong 2015-16 Budget

March 5, 2015 Business & Corporate Services

On the 25 February 2015, which also happened to be the Chinese ‘common birthday’, the Financial Secretary, Mr. John Tsang, delivered his eighth budget speech for the fiscal year 2015-16 with the theme ‘Diversification of Development and Augmentation of Competitiveness’.

Application for Certification of Resident Status in Hong Kong – Spain

August 21, 2012 Business & Corporate Services

When however collecting this information for the purpose of acquiring a certification of residence status for the Hong Kong company under the Hong Kong – Spain double taxation treaty, the obtained information is likely to be ignored by the HK IRD as it is irrelevant for the application of the relevant double taxation treaty.

Advance Pricing Arrangement in Hong Kong and Mainland China

April 10, 2012 Taxation

On 29th of March 2012, the Hong Kong Inland Revenue Department (‘Inland Revenue’) finally released its Advance Pricing Arrangement (‘APA’) procedures in its Departmental Interpretation and Practice Notes no 48 (‘DIPN 48’). According to paragraph 1 of DIPN 48, the DIPN will provide guidance for companies willing to conclude an APA and explains its process,… Continue reading Advance Pricing Arrangement in Hong Kong and Mainland China

Trading Securities and Commodities and Corporate Income

August 15, 2011 Taxation

The question whether or not the profits including commissions arising out of securities and commodities trading are subject to Hong Kong corporate income tax have been subject to several Hong Court cases. In Nice Cheer Investment Limited v CIR (HCIA 8/2007), dated 28th of June 2011, were however the unrealised gains arising out of the… Continue reading Trading Securities and Commodities and Corporate Income

Mainland China Circular 698 Applications

July 28, 2011 Business & Corporate Services

Guoshuihan [2009] No. 698 (“Circular 698”) was issued on the 10th of December 2009 and is still subject to considerable controversy, mainly because of its lack of clarity regarding non-residents of Mainland China. Some guidelines on the application of Circular 698 can be derived from Guo Shui Fa [2010] No 75 (“Circular 75”), which contains… Continue reading Mainland China Circular 698 Applications