The Hong Kong Inland Revenue Ordinance (“IRO”) imposes strict requirements for individual returns filings and aims at avoiding the filing of incorrect tax returns by the individuals. If those requirements are not met, the relevant punitive provisions empower the Commissioner of Inland Revenue, depending on: The nature and/or the degree of culpability of the offence […]
For the purpose of combating cross border tax evasion, Mainland China is one of the more than 100 tax jurisdictions which has committed to implement automatic exchange of information (‘AEOI’), by signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in August 2013 and entering into the Multilateral Competent Authority Agreement on Automatic […]
The Hong Kong Inland Revenue Department updated its practice notes in February 2020 to reflect the remedial interpretation of a marriage as delivered to include same-sex marriage as a consequence of the Leung Chun Kwong v Secretary for the Civil Service (2019) 22 HKCRAF 127 (“the Leung Case”). Let’s explore the case and the same-sex […]
In order to further develop the asset management and the related service industries, the Hong Kong Government on 17 July 2015 published in the Gazette, the Inland Revenue (Amendment) (No. 2) Ordinance 2015 (‘Amendment Ordinance’), under which the profits tax exemption for offshore funds shall be extended to private equity funds. Pursuant to the Amendment […]
