Tax evasion can lead to severe consequences, so it is important to understand tax evasion and how to be compliant with tax laws.
Hong Kong is a popular jurisdiction for foreign investors and entrepreneurs. Not only does it provide access to mainland China, but doing business in Hong Kong also means you will benefit from a tax-friendly environment, international market and pro-business policies.
On 23 February 2022, the Financial Secretary of Hong Kong announced the Budget for the fiscal year 2022-23. The forecast is that for the fiscal year 2021-22, there will be a surplus of around HKD 18.9 billion, and that the fiscal reserves are expected to be HKD 946.7 billion by 31 March 2022.
Withholding tax generally refers to income tax paid to the government by the payer of the income instead of the recipient of the income. As implied by its name, the tax is withheld or deducted from the payment made to the recipient. Which Payments are Subject to Withholding Tax in Hong Kong? Royalty / licence fee made to a non-Hong Kong resident for […]
