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BVI economic substance - HKWJ Tax Law

British Virgin Islands Economic Substance Legislation

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 […]

tax implication of COVid 19 restrictions - HKWJ Tax Law

COVID-19 Tax Impacts

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 […]

tax reporting errors

Salaries Tax Reporting Errors, Omissions & Corrections

Under the Hong Kong salaries tax system, both employers and employees/directors are obliged to report the employment remuneration/directors’ remuneration to the HK-IRD by filing annual employer’s returns and individual tax returns respectively. Any inconsistency in the remuneration or tax reporting to the HK-IRD might potentially result into enquiries from the HK-IRD and/or unfavourable tax treatments […]