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China beneficial ownership - HKWJ Tax Law

Mainland China Beneficial Ownership

In order to improve the implementation of double tax treaties between Mainland China and other tax jurisdictions, the State Administration of Taxation of Mainland China (“SAT”) released in February 2018 a Public Notice [2018] No. 9 (“Public Notice 9”), providing further and clearer guidelines/rules in assessing the  Mainland China beneficial ownership (“BO”) status for the […]

Profits Tax - HKWJ Tax Law

Hong Kong Profits Tax Returns & Employer’s Returns Issued

Every April, most companies and organisations in Hong Kong will receive the annual Profits Tax Returns (Form BIR 51) and Employer’s Returns from the Hong Kong Inland Revenue Department (“IRD”). Profits Tax Returns Profits Tax Returns are issued to companies/organisations for reporting, amongst others, their assessable profits/adjusted loss as well as profits tax (re)payable, if […]

hong kong government budget - HKWJ Tax Law

Hong Kong 2018-2019 Budget

On 28 February 2018, the Financial Secretary of Hong Kong announced the Budget for the fiscal year 2018-19. It is estimated in the Budget that there will be a surplus of HKD 138 billion in the fiscal year 2017-18, which is HKD 121.7 billion more than the original estimation of HKD 16.3 billion made in […]

China Environmental Tax - HKWJ Tax Law

Mainland China Environmental Tax

As from 1 January 2018, Mainland China has introduced its first environmental tax law, the Environmental Protection Tax (the “EPT”) law. The EPT replaces the existing pollutant discharge fee (“PDF”) system, which was in operation for nearly the last 40 years. The main difference between the PDF and the EPT is that the former is […]