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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 […]

hong kong government budget - HKWJ Tax Law

Hong Kong 2016-17 Budget

On 24 February 2016, the Financial Secretary of Hong Kong, Mr. John Tsang Chun-wah, delivered his 9th budget speech for the fiscal year 2016-17. As highlighted by Mr. Tsang at the beginning of his speech, amid the commencement of increment of interest rate by the US Federal Reserve Board, the maintenance of quantitative easing policies […]