Until the 2nd of March 2014, section 4 of the previous Hong Kong Companies Ordinance Cap. 32 (‘Cap.32’) required every company incorporation in Hong Kong to have a signed Memorandum of Association (the ‘Memorandum’), whereas section 9 of Cap. 32 allowed a company limited by shares (e.g. a limited company) to register together with its […]
Many of us have heard or might even have read about the taxation of the digital economy. This not only because the Organisation for Economic Co-Operation and Development (‘OECD’) and the European Union (‘EU’) both have issued reports on this matter, but also because it has become a ‘hot topic’ within the society itself that […]
On 24 February 2021, the Financial Secretary of Hong Kong announced the Budget for the fiscal year 2021-22. The forecast is that for the fiscal year 2020-21, there will be a deficit of around HKD 257.6 billion, and that the fiscal reserves are expected to become HKD 902.7 billion by 31 March 2021. The focus […]
In Board of Review/Tax Tribunal Case X66, several appellants brought appeals to the Board of Review (“BoR”) under section 66 of the Hong Kong Inland Revenue Ordinance (“HK IRO”). For easy reading, Case X66 described below has been limited to one appellant only but this case shows similar points regarding the importance of tax substance. […]
