Spring is here, tax returns are not far away...
Tax
Individuals in Hong Kong
Hong Kong’s salaries tax is equivalent to the mainland’s personal income tax, which is different from the mainland’s monthly tax deduction. Hong Kong’s tax is collected annually. Most taxpayers pay taxes according to progressive tax rates, the specific tax rates are as follows:
Taxable income = total income-total deduction-total tax exempt
Source: Hong Kong Inland Revenue Department
Hong Kong tax returns calculated on an annual basis, coupled with a large green envelope full of "ceremonial sense", Hong Kong people's tax payment experience is not weak.
On the eve of tax filing, the desks of Hong Kong "workers" are piled up with all kinds of documents, and a "tax game" kicks off. Although according to the same income, the total tax paid in Hong Kong is less than that in the Mainland, The annual payment method still requires a lot of expenditure at one time, which is not a small amount for taxpayers.
The Hong Kong Inland Revenue Department sent a total of 2.77 million tax returns in June 2020. The picture shows to a certain extent the pressure of Hong Kong's middle class to file tax returns
·Hong Kong’s taxation principle of “l(fā)eniency and strictness”
However, because Hong Kong has "tax deductions", under normal circumstances, married, have children, and need to support the elderly can be tax-exempt or Tax cuts, for some taxpayers, Hong Kong’s tax system has relieved a lot of pressure.
Tax
Hong Kong company
As an offshore company, Hong Kong companies have always been loved by companies at home and abroad, because they can not only enhance the visibility of the company and the convenience of export, but also Enjoy the offshore exemption. Today, Xiaoxing will share with you the three tax declaration methods of Hong Kong companies and the conditions for applying for exemption.
After the establishment of a public institution in Hong Kong, one thing that must not be neglected is accounting and tax reporting. If you do not file a tax return, you will face high fines or directly prosecute to the court.
·Hong Kong companies have three types of tax returns:
1. If the Hong Kong company is not operating normally, apply for a no-operation declaration;
2. If the Hong Kong company is operating normally, it needs to do an audit and tax return;
3. If the Hong Kong company's business operations are not in Hong Kong and the profits are also derived from overseas or mainland companies, they can apply for offshore exemption.
·What are the conditions for applying for an exemption?
1. No physical office in Hong Kong, no Hong Kong employees
2. The Hong Kong company does not operate business in Hong Kong and has not left any silent records,
3. The Hong Kong company has not had a supply and marketing relationship with suppliers and customers who are not Hong Kong merchants;
4. The order signing process of the Hong Kong company does not occur in Hong Kong;
5. The goods have not been declared, received or shipped in Hong Kong;
Xiaoxing’s warm reminder: Hong Kong companies can apply for offshore exemption to the Inland Revenue Department if the above 5 conditions are met. If the application for offshore exemption is successful, the tax bureau will consider your company to be offshore in subsequent years and will review it from time to time.
·Disclaimer
The above information is for reference only, please refer to the official information and reply of the Hong Kong taxation department. If you have any questions, you can call the tax bureau for direct inquiries, or email the tax bureau for inquiries.
·Related Websites
Inland Revenue Department: http://www.ird.gov.hk/chs/welcome.htm
GovHK:
http://www.gov.hk/en/residents/taxes/salaries/
How to obtain your Hong Kong identity?
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