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Due to global implementation of common reporting standard (CRS) and automatic exchange of information (“AEOI”), financial institutions (“FIs”) are required to conduct due diligence on tax residency certificate holders to ascertain their tax residency, and accordingly whether certain information of the financial accounts of the account holders is required to be exchanged to foreign tax… Continue reading Erroneous Tax Residency Risks
The Individual Income Tax Law (‘IIT Law’) of Mainland China was introduced in 1980 and has been amended 6 times since.
A freelancer may see themselves as a causal employee working with different employers without committing his/her full time to them. However, without any relationship of master and servant, if the freelancer’s income is derived from providing professional or personal services in Hong Kong, he/she will be considered as carrying on a business and a self-employed… Continue reading Is a Freelancer Considered as Carrying on a Business in Hong Kong?
Housing benefits received by directors/employees from employers or the employers’ affiliated corporations are generally subject to salaries tax in Hong Kong unless an offshore/exemption claim on their directors’ fees/employment income can be satisfied. However, the salaries tax can be potentially mitigated in most circumstances in case the housing benefits are provided in the form of… Continue reading Housing Benefits & Allowance in Hong Kong
This complete guide explains how to set up a Company Limited by Guarantee in Hong Kong—the premier structure for non-profits seeking limited liability and Section 88 tax-exempt status. Learn the step-by-step process, key requirements, and how to avoid common pitfalls that can delay your application.
Due diligence is the best way to assess the value of a business, the associated risks and whether the transaction is viable when a company is considering an M&A transaction. There are several types of due diligence, the most commonly known being financial and legal due diligence. Legal due diligence reviews licenses, contracts, warranties and… Continue reading Financial due diligence in an M&A transaction
A comprehensive guide to AEOI and CRS compliance in Hong Kong. Learn the core obligations for Financial Institutions and trusts, including due diligence and reporting rules
Received an IRD letter about AEOI compliance? Our expert analysis for Hong Kong Financial Institutions and trusts explains why this is happening now and how to navigate the inquiry.
In Hong Kong, once a business brings an employee on board, it must adhere to a variety of reporting responsibilities.
While doing business in Greater China and Asia, you most likely have come across the term “company chop”. In this article we look at what a company chop is, when it’s used, and the role of company chops in China.
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