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You are Here:Home - Technical - Inland Revenue Ordinance
a.profits tax
Inland Revenue Department will be April 1 of each year for the entire wholesale "active" file profits tax returns out of the last fiscal year, under normal circumstances, have to be submitted within one month of the Inland Revenue Department, but can apply for an extension of the submission deadline below:
Balance Sheet Date Could be extended to
Between last year from April 1 to November 30 last year by 30  April of the year
Between last year from December 1 to December 31 last year by 15 August of the year
Between the year from January 1 to March 31 that year by 15 November of the year
Notes::
The first tax return will be sent to the company when it is incorporated for 18 months; it has to be submitted to the Revenue Office within 3 months.

b.Stamp Duty
The Stamp Duty Ordinance (Cap. 117) imposes duty on certain types of documents, which are mainly as follows:
    Conveyance on sale (ie Assignment)
    Agreement for sale of residential property
    Lease of immovable property (ie Tenancy Agreement)
    Transfer of Hong Kong stock

Time for Stamping: Stamp duty is payable within the following specified time:
Nature of Document Time for Stamping
Contract Note for sale or purchase of any Hong Kong stock 2 days after the sale or purchase if effected in Hong Kong
30 days after the sale or purchase if effected elsewhere
Transfer operating as a voluntary disposition inter vivos(i.e.gift) 7 days after execution;
30 days after execution if executed outside Hong Kong
 
Transfer of any other kind Before execution;
30 days after execution if executed outside Hong Kong
 

Late Penalty: Late stamping is subject to the payment of penalty as follows:
Stamping Delay Penalty
Not exceeding 1 month 2 times the amount of stamp duty
Exceeding 1 month but not exceeding 2 months 4 times the amount of stamp duty
In any other case 10 times the amount of stamp duty

c.Property Tax
  The Scope of the Charge
  The property tax is levied to those owned by Hong Kong rental property, calculated at the standard rate of 15% in net assessable value of the property.
Year of Assessment
  From 1April to 31 March next year
The Basis of Assessment
  The net assessable value shall be the current year's rental income (after deduction of rates paid by the owner), less an allowance of 20% for repairs and outgoing expenses. Any other expense than the foregoing cannot be deducted, except for irrecoverable rents, which can be deducted. Subsequently recovered rents shall be recognized as income in the year they are recovered. A limited company, which owns properties to collect rents, is exempt from property tax and is subject only to profits tax.

e.Salaries Tax
Hong Kong salaries tax is charged on income arising in or derived from Hong Kong as per regional source, deductible portion includes donations from governmentally approved charitable organizations.

Salaries Tax payable is calculated at progressive rates on your net chargeable income or at standard rate on your net income, whichever is lower.
Net Chargeable Income = Total Income - Deductions - Allowances
Net Income = Total Income - Deductions

A year of assessment runs from 1 April to 31 March of the following year.
Provisional Salaries Tax for a year is usually based on the income less the allowances of the preceding year.
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