automatic exchange of information

Automatic Exchange of Financial Account Information

Hong Kong is one of the more than 100 jurisdictions that will participate in the automatic exchange of financial account information (“AEOI”)/implement the Common Reporting Standard (“CRS”) for the purpose of enhancing tax transparency and fighting against cross-border tax evasion. Pursuant to the AEOI/CRS, certain information in relation to financial accounts held by individuals and […]

hong kong government budget - HKWJ Tax Law

Hong Kong 2017-2018 Budget

On 22 February 2017, the Financial Secretary of the Hong Kong Special Administrative Region (“Hong Kong”), announced the Budget for the fiscal year 2017-18. According to this Budget, the fiscal year 2016-17 is likely to have a surplus of HK$ 92.8 billion, which significantly exceeds the original estimated amount of HK$ 11 billion, largely due […]

Licensing of Trust & Company Service - HKWJ Tax Law

Licensing of Trust & Company Service Providers in Hong Kong

Recently, the Financial Services and the Treasury Bureau (“FSTB”), a governmental department in Hong Kong, issued a public consultation document on Enhancing Anti-Money Laundering Regulation of Designated Non-Financial Businesses and Professions (“DNFBP’s”) and in particular for the Trust & Company Service Providers (“TCSP’s”) in Hong Kong which introduces the  the licensing of trust & company […]

partial offshore tax claim HKWJ Tax Law

Offshore Non-taxable Claim Acceptance in Hong Kong

Pursuant to the general charging provision of Section 14(1) of the Inland Revenue Ordinance (‘HK-IRO’), an income is NOT liable to profits tax (corporate income tax) if it is (i) not derived from a trade, profession or business carrying on in Hong Kong and/or (ii) not arising in or derived from Hong Kong (i.e. sourced […]