Furthermore, full exemption of the China’s tax is available to claim for a Hong Kong resident works … A Hong Kong company may avoid a local tax liability in Hong Kong even though management and control are situated in Hong Kong. the information available within this web site for commercial use is strictly In 2018, the tax rate for the first year of assessment was lowered to help reduce the taxpaying burdens for SMEs. The Company shall not accept any responsibilities for any loss or damage When two or more corporations merge and create a new corporation, we may issue a new business number … Hong Kong Intellectual Property Journal Schedule of Upcoming Hearings Trade Marks Decisions Trade Marks Decisions (Cap. Offices Opening hours Central Enquiry Counter (only for enquiries relating to tax clearance for taxpayers leaving Hong Kong) Business Registration Office* Stamp Office From 9am to noon; 1.30pm to 4pm, Monday to The Internal Revenue Service may do a tax return for such debtors and send a letter about the debt. These sums are the estimated taxable income on the basis of which the property tax … Check out the types of deductions that you might be eligible for under salaries tax and personal assessment. An application form can be downloaded here. The key features of Hong Kong’s salary tax are as follows: Hong Kong follows a territorial basis of taxation i.e. Moreover, an individual who is Hong Kong resident and has paid mainland China’s Individual Income Tax on an income from employment taxed in Hong Kong, tax credit to set off his Hong Kong’s salaries tax is available to claim. Don't send us your original documents as they may not be returned to you. Tax Return Filing, Enquiry & Payment . You can use a simple Tax Calculator provided here to calculate your tax liability under salaries tax or personal assessment. You will also need to provide certified copies of documents to prove your identity. Learn more about the recovery actions taken by the Inland Revenue Department. Compare this to most “first world” nations that are in the 30% and up range, Hong Kong isn’t too shabby right out of the box. 3.2. The areas of our China operations A tax file number (TFN) is your personal reference number in the tax and superannuation systems. Road Network & Facilities. If a business earns income as part of … var cnzz_protocol = (("https:" == document.location.protocol) ? " The "TIN" shown on the Tax Return-Individuals and related Notice of Assessment is solely for login onto "eTAX" account and access to the e-services provided by the Inland Revenue Department. Inland Revenue Department. Find out what you need to know to lodge objections or appeals against your assessment. If the name on the customs release document is different from the name we have on file, your goods may be held up at the border. Taxpayers with an AGI greater than the specified threshold can use the Free File Fillable Forms , the e-file by purchasing commercial software , or the Authorized IRS e-file Provider Locator Service . Any local profit that arises from a business or trade in Hong Kong is liable for profit tax, payable to the Inland Revenue Ordinance (IRO) of Hong Kong. What is Hong Kong profit tax & how much do I pay? For income to be subject to tax, it must fall within one of the specific heads of taxation. The debtor would then need to contact the IRS to find a solution. A former British colony, Hong Kong reverted to the Chinese government on 1 July 1997. 43) [For applications filed Request for Taxpayer Identification Number (TIN) and Certification Form 4506-T; Request for Transcript of Tax Return Form W-4 ... within a specified threshold can electronically file their tax return for free using Free File. Hong Kong Essential Info Figure out when to go, how much you'll spend and how to get around town. Reproduction, adaptation, distribution, dissemination or making available of Hong Kong’s corporate tax system, or profits tax as it commonly referred to, follows a territorial and flat-rate principle. 559) [For applications filed on or after 4.4.2003] Trade Marks Decisions (Cap. Those who … An “non-Hong Kong employment” may requires regular traveling between Hong Kong and outside Hong Kong, only part of the Employment Income were sourced in Hong Kong. Creating a new corporation. and Shanghai. This means that there are numerous deductions from which your business will be able to benefit. All rights reserved. Transport & Motoring. This year KPMG has adopted a “Double-50” approach, including 100 outstanding fintech companies on the list. The Inland Revenue Department may not recognize as visits periods spent in Hong Kong (SAR) where the individual is based in or has a place of residence in Hong Kong (SAR) (regardless of the actual number of days spent in Hong Kong (SAR)). A foreign tax credit is available to Hong Kong expat residents with respect to income that is subject to double tax in all of the double tax agreements entered into by Hong Kong. Unlike flat corporate tax rate, Hong Kong’s salary tax rates follow a progressive tax rate system. This number is issued by the Inland Revenue Department (IRD) before a work location can be set up. The Inland Revenue Department will take immediate actions to recover the tax from tax-defaulters. Hong Kong Essential Info. In Hong Kong, that would be the Business Registration number. Check out the information about the payment of tax in dispute and interest on tax held-over. Tax ID number or Chinese ID card number. However, to effectively operate this tax system, the Hong Kong tax system relies heavily on a high level of understanding and compliance from businesses and taxpayers. State Administration of Taxation . Profits Tax for the Self-Employed. 22222222-&&&-&&-&&-&). Debtors may accrue debts by making errors on their tax returns or failing to file their returns. My GovHK < back . You can find the property tax rates applicable to different years of assessment here. Professional advice is necessary to ensure that established commercial relationships do not trigger a tax liability in Hong Kong. b. Learn more about the different methods of payment. A second citizenship can result from a number of different circumstances for other countries, such as an application, the place of birth, family birth connections (such as a grandparent born there), marriage or extended residency. prohibited unless prior written authorization is obtained from the Company. (b) # is the check digit which has 11 possible values from 0 to 9 and A . IMPORTANT DEADLINES ON PROFITS TAX FILING IN HONG KONG . Doing business in Hong Kong Introduction Hong Kong is situated at the south-eastern tip of the mainland of China, covering approximately 1,100 square kilometres. Tax File Number in Hong Kong? Enter the three-letter code for the country in which the recipient is a resident for tax purposes. 1 December - 31 December : 15 August. ...... [More], Notice of Copyright Prescribed Time Period. You can settle your tax payment from overseas. Notice of Copyright and Disclaimer When owners of real estate in Hong Kong file their tax reports, the Rating and Valuation Department (RVD) uses the data they provide to assess how much different types of Hong Kong properties cost. Find everything you need to know about holding-over of provisional tax. China converted Tax notice (income tax, residential and property taxes) - 'Your references' heading (tax number) The tax numbers of declarants 1 and 2 are assigned as indicated in the pre-printed income tax … There is no general income tax in Hong Kong (SAR). Object against an Assessment & Apply for Holding Over of Provisional Tax, Notice: This form is NOT intended for handling enquiries or complaints. The list is found in Appendix A of Guide T4061, NR4 - Non-Residents Tax Withholding, Remitting, and Reporting. Indonesia. You keep the same TFN even if you change your name, change jobs, move interstate or go overseas. This guide provides a detailed overview of income tax rates, corporate tax system, profits tax return, and tax incentives for Hong Kong companies. Surcharges will be imposed on tax in default if the applications are approved. For example: an individual who resides in Hong Kong and is employed under “non-Hong Kong Employment” leaves Hong Kong frequently to work at an office location in Shenzhen at 9:00 a.m. and return to Hong Kong on the … Types of Tax Return You can learn more about types of tax returns, normal issue dates and how to obtain a duplicate tax return here. India. Public Transport in Hong Kong. Find out what purchase methods the Electronic TRCs Scheme offers to help you save for tax payment. For salary earners - the full name and Business Registration number of your present employer if known. Hong Kong Tax Income that arises in or is derived from Hong Kong via employment, office or pension are subject to Hong Kong Salaries Tax. Tax Identification Number (Identifikationsnummer) 99999999999 (11 characters) Tax Assessment or ID Number letter Greece CPR Number 999999999 (9 characters) Tax Completeness Status Document, Tax Refund Status HK ID 1 January - 31 March and with adjusted loss after tax … EY is a global leader in assurance, consulting, strategy and transactions, and tax services. assessable income after deductions but before allowances. Such "TIN" is NOT used as a tax identifier of Hong Kong tax resident and therefore should not be provided for automatic exchange of … Some of the most attractive deductions are costs paid toward the future production of profit (e.g. copyright owned by China Tax & Investment Consultants Limited (The Company). Tax identification numbers (TINs) Tax identification numbers This section provides an overview of domestic rules in the jurisdictions listed below governing the issuance, structure, use and validity of Tax Identification Numbers ("TIN") or their functional equivalents. Such people can call the organization’s main phone number. A tax file number (TFN) is free and identifies you for tax and superannuation purposes. Hong Kong. Services rendered in Hong Kong for visits longer than 60 days in any fiscal year are subject You can settle your tax, stamp duty payment and purchase Tax Reserve Certificates electronically via the Internet, by phone or ATM. https://" : " http://");document.write(unescape("%3Cspan id='cnzz_stat_icon_1256883720'%3E%3C/span%3E%3Cscript src='" + cnzz_protocol + "s11.cnzz.com/z_stat.php%3Fid%3D1256883720%26show%3Dpic' type='text/javascript'%3E%3C/script%3E")); China Tax & Investment Consultants Ltd Filing of profits tax returns which are issued in bulk in early April: Accounting year end dates : Deadline. Tax identification number (TIN) Federal Central Tax Office. Copyright 2000-2014. … Unless otherwise indicated, the materials found on this site are subject to Dual Citizenship and Taxes Canadian taxation obligations are based on your residency status and not based on your citizenship… Clarification was sought from the IRD as to the tax … Hong Kong has an Already Low 16.5% Corporate Tax First off, the taxes in Hong Kong are already low. There are five marginal tax brackets of 2%, 6%, 10% and 14% and 17%. The tax year is in a fiscal year starting in April, not the typical calendar year from January to December. expand gradually from tax to corporate service in the PRC, and from the Pearl The salaries tax rate in Hong Kong stands between 2% and 17%, while the profit tax rate for corporations accounts for 8.25% … Information is also available on how and when to claim allowances, and on recent changes in allowances. Save & File (Pocket) LinkedIn Twitter ... 2020 will, in essence, be exempt from Hong Kong profits tax. It is an 8-digit sequence at the front of your BR certificate number (e.g. This documents shows that the company is valid and registered within the Inland Revenue Department. The three taxes are: Profits tax for the first HK$2 million of profits of corporations is 8.25 percent. Property Tax. To align with international practices, the IRD uses Hong Kong Identity (HKID) numbers and business registration numbers for that purposes. Fail to file profits tax return or inform the IRD about the tax chargeability on time Subject to a maximum fine of HK$10,000 plus treble the amount of tax undercharged Should you require any assistance in relation to filing of Hong Kong tax return, please do not hesitate to contact us. A tax file number (TFN) is a unique identifier issued by the Australian Taxation Office (ATO) to each taxpaying entity — an individual, company, superannuation fund, partnership, or trust. If your details change, you need to let us know. Figure out when to go, how much you'll spend and how to get around town. You can find out more about these methods. Not all individuals have a TFN, and a business has both a TFN and an Australian Business Number (ABN). Germany. Rujukan Cukai. Find out how to make supplements to or rectify errors in tax returns already submitted through the Internet. It is often advantageous to start a business in Hong Kong due to the straightforward taxation system, as well as it’s low tax rates and it’s territorial concept for profits tax for Hong Kong companies. Taxpayers with an AGI greater than the specified threshold can use the Free File Fillable Forms, the e-file … The RVD then publishes their findings on their website. The amount of Hong Kong tax charged shall not exceed the amount charged by applying the standard rate to the net total income, i.e. Hong Kong Inland Revenue Department (the IRD) does not issue TIN for communication with the taxpayer. This is further illustrated by the friendly regulations for businesses and corporations, with the Hong Kong government’s eyes set on lowering corporate tax … IRD will issue Tax … Download and complete Tax file number – application or enquiry for individuals living outside Australia (PDF, 339KB) This link will download a file. Both corporate and personal tax rates of Hong Kong are considered as one of the lowest in the world. In Hong Kong, that would be the Business Registration number. その主な用途から、マイナンバーは、海外の納税者番号(納税者登録番号)やTIN(Taxpayer Identification Number)、Tax IDと同じ意味になります。日本の法人にも個人のマイナンバーと同じ意味の13桁「法人番号」が割り振られてい Businesses and individuals in Hong Kong enjoy one of the most tax-friendly systems in the world. It's yours for life. If you are doing business with Hong Kong companies and would like to know more information about them, the Hong Kong Companies Registry offers online search services on companies registered in Hong Kong. Particularly, Hong Kong imposes only three basic taxes: corporate income tax, personal income tax and property tax. How Do You File a Hong Kong Tax Return? The most common tax reference types are SG, OG, D and Driving … the purchase of machinery or computers). Forms I.R.6104 and I.R.6169 can be obtained through: (i) downloading from the eTAX web site (ii) Fax-A-Form Service at 2598 6001 (iii) calling in person at IRD office in Wan Chai No income tax is levied if this source is earned outside its borders. You are required to complete and send the tax return back to the IRD within 1 month from the date of issue. Tax Identification Number (TIN) Hong Kong Inland Revenue Department (the IRD) does not issue TIN for communication with the taxpayer. Every business operating in Hong Kong requires a Hong Kong business registration number (BRN). Hey guys, Moving to HK in the future and had a question that I couldn't find an answer to in the forums. Hong Kong Company’s law has stipulated that every company incorporated in Hong Kong, must file a Tax Return (it is also known as Profits Tax Return in Hong Kong) together with its audited accounts on a yearly basis with the Inland Revenue Department of Hong Kong (“IRD”). You can find out how to apply and download the application forms here. If you do not have a tax file with IRD, you should apply for opening an eTAX Account with Form I.R.6169. - 6 - 5% or 10%), the profits, being the mark-up, derived by the Hong Kong company for its services, were wholly assessable. Find out more about settling your tax and stamp duty payment, and purchasing Tax Reserve Certificates by post. Taxpayers with an AGI (Adjusted Gross Income) within a specified threshold can electronically file their tax return for free using Free File. You can download a form here. As per the Hong Kong Companies Ordinance, all incorporated companies in Hong Kong are required to have an annual audit of their financial statements performed by a Hong Kong practicing Certified Public Accounts (CPA). You will often be able to receive a full tax … To register for a business number, go to How to register for a business number or Canada Revenue Agency program accounts. 1 April - 30 November : Within one month from date of issue. Salaries tax capped at 15 percent Property tax of 15 percent Here are the taxes which Hong Kong does not impose: No sales tax or VAT No withholding tax No capital gains tax No tax on dividends No estate tax Free Trade Port Not all individuals have a TFN, and a business has both a TFN and an Australian Business Number (ABN). Find out the profits tax rates applicable to different years of assessment here. In respect of individuals: Hong Kong Identity Card (HKID) number, issued by the Immigration Department under the Registration of Persons Ordinance (Cap 177). All rights reserved. The Business Registration Certificate (BRC) is a document which states the particulars of a company, and is a requirement for conducting business for a Hong Kong company. Hong Kong has some of the lowest tax rates in the world – and the lowest in Asia. Motor Vehicle First Registration Tax. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. Ultimately, the ending date of the fiscal year for Hong Kong is March … Not only should businesses understand when and how to pay taxes, but also that each company’s accounts must be reviewed and audited by a Hong Kong Certified Public Accountant. Dutiable Commodities. Permanent account number (PAN) Income Tax Department. Profits above that amount will be subject to the tax … How to Ride Hong Kong's MTR and Other Transportation Options Cheap, Scenic, Showy: Why Hong Kong's Trams are a Traveler's Dream Hong Kong's Top 15 LGBT-friendly Destinations Before You Go, Learn About Hong Kong Weather from Month to Month What Is Hong Kong … Your name, Hong Kong Identity Card number, postal address, day-time contact telephone number, and 1. Colombia. Only use the codes listed in Appendix A. It is important to note that other than the information required in Table 1, 2 and 3 of the CbC Report, the XML Schema User Guide issued by the Hong Kong IRD mandatorily requires that the Tax Identification Number (“TIN”) of each CE, where issued by the tax administration of the tax jurisdiction of the CE, be … China Tax & Investment Consultants Ltd Audit and Tax Compliance in Hong Kong. When to File Tax Returns; Completion of Profits Tax Returns and the Supplementary Forms; Electronic Filing of Profits Tax Return; Profits Tax Return - Fair Value Accounting; What you need to know as: First Time Taxpayer; Self-Employed (a sole proprietor or a partner of a partnership business) Employers; Property Owner; Non-resident Entertainer / Sportsman in Hong Kong… You can also file the return electronically by opening a personal … HKID number: The standard format of HKID number is @ 123456(#). Income that arises in or is derived from Hong Kong via employment, office or pension are subject to Hong Kong Salaries Tax.. Services rendered in Hong Kong for visits longer than 60 days in any fiscal year are subject to salaries tax, even if the individual is not ordinarily resident in Hong Kong. … Audit and tax Compliance in Hong Kong, that would be the same even., the recipient 's country for tax and superannuation systems both a,. 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Work location can be set up to 9 and a as they may not be to... A question that I could n't find an answer to in the future production of Profit e.g! The typical calendar year from January to December the company to you, that would be the same even. Remitting, and purchasing tax Reserve Certificates electronically via the Internet the check digit which has 11 values! Or after 4.4.2003 ] Trade Marks Decisions ( Cap of profits tax FILING in Hong Kong application forms.... Deliver help build trust and confidence in the forums make supplements to or rectify errors in paper tax returns are... One or two capital letters of the most attractive deductions are costs paid toward the production. To 9 and a business has both a TFN and an Australian number!