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Tax Consultancy Services
General speaking, the tax system in Hong Kong is on a territorial basis; that means only income arising in or derived from sources in Hong Kong is chargeable to tax (the 'Locality Source principle'). The residence or nationality of a person is therefore is not a determining factor of his or her chargeability for tax saving for some exceptions. Also, foreign companies carrying on business in Hong Kong are chargeable to Hong Kong tax and the tax implication is the same as those of local companies. However, the Locality Source principle is not codified in details in Hong Kong tax law and the Internal Practice of Inland Revenue Department may not be always in line with the law interpretation. It is therefore essential to have planning ahead to ascertain possible tax implications of the business operation.
The income tax imposed Hong Kong is charged under 3 major limbs:
Inland Revenue Department requires potential taxpayers to file appropriate annual tax return on their possible income in order to assess tax.
In addition to the abovementioned nature of tax, it is also important to note that sale of Hong Kong immoveable property, stocks / shares or bearer instruments may also attract stamp duty.
Although Hong Kong tax system is relatively simpler than many jurisdictions, a helpful tax adviser may assist in avoiding unnecessary tax and penalty, in estimating tax implication and in handling tedious tax compliance.
Our tax-related services include the following:
Address: Room 605-607, China Merchants Building, 152-155 Connaught Road Central (303-307 Des Voeux Road Central), Sheung Wan, Hong Kong