Tax evasion can lead to severe consequences, so it is important to understand tax evasion and how to be compliant with tax laws.
Tax evasion can lead to severe consequences, so it is important to understand tax evasion and how to be compliant with tax laws.
The Hong Kong government plans to introduce a new tax scheme called the Tax Certainty Enhancement Scheme (“the Enhancement Scheme”), to enhance Hong Kong’s attractiveness as an international investment and business hub.
One of the most disputed areas is regarding source or taxability of income and offshore claims.
With an advance ruling, you can confidently plan their transactions with the assurance that the tax treatment has been agreed in advance and to avoid tax disputes.
It is sometimes argued that a company incorporated under HK Law (“HK Co”) will (a) automatically be regarded as a Hong Kong tax resident; and (b) only be subject to corporate tax in Hong Kong but not in other tax jurisdictions. However, one has to be well aware that if HK Co lacks (has insufficient) ‘tax… Continue reading Economic Substance in Hong Kong
A business is recommended to conduct a thorough organizational health check-up and period review on its legal and tax aspects every year.
Hong Kong strives to be a leading asset and wealth management hub and attract more funds with favorable taxation.
The gains or profits earned from NFTs are often not insignificant. Therefore, it’s recommended to understand any crypto tax reporting requirements and the tax consequences in your specific jurisdiction.
Last April 2020, the Organisation for Economic Co-operation and Development (“OECD”) issued the ‘OECD Secretariat Analysis of Tax Treaties and the Impact of the COVID-19 Crisis’ (“the Analysis”). The Analysis is a practical COVID-19 tax guidance. It provides governments around the world with guidelines on how to treat unintended or adverse tax consequences that taxpayers… Continue reading COVID-19 Tax Guidance Update on Tax Treaties
COVID-19 has affected most, if not all, people and businesses worldwide. Due to worldwide strict quarantine measurements and travel restrictions, people are being banned or discouraged from entering and leaving countries and consequently are required by (local) governments and/or their employers to work from home or even from different countries. This has created undesired COVID-19… Continue reading COVID-19 Tax Impacts
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