Hong Kong does not officially recognize dual citizenship. However, it is possible to hold permanent residency in Hong Kong while also being a citizen of another country. It’s essential to check the specific regulations and requirements of both countries involved.
To determine if an income is in substance a dividend, it is necessary to examine all the facts and circumstances relating to the transaction rather than the mere label of the income. Generally, dividend refers to a payment of part of the profits for a period in respect of a share in a company. It does not include distributions from a partnership, unit trust or other non-corporate entities and profit distributions from a branch.
The AMT in Taiwan came into effect in 2006. The AMT in Taiwan is computed based on the following formula: (Income subject to AMT – Deduction) × Tax Rate = AMT PayableThe specific tax rates and deductions vary for legal entities and individuals. For legal entities, the AMT tax rate is 12% with a deduction of NTD 500,000. For individuals, the AMT tax rate is 20% with a deduction of NTD 6.7 million.
What are the most common types of work permit in Taiwan available for foreign professionals? There are 3 types of work permit most common for foreign professionals.
Can I apply for a tax refund for the tax paid for the payments made before the issuance date of approval letter? Yes, as long as the payments are made during the contract period, it can be applied to the preferential tax rate of the tax treaty.
Read about real-life examples of tax issues faced by businesses and individuals in Hong Kong, and discover how they navigated the complex tax system to find solutions. Gain insights and knowledge that can help you make better decisions and avoid costly mistakes when it comes to taxes in Hong Kong.
Today, we’re going to share with you about Regulation Update; Accounting and Taxation in Hong Kong.
The withholding agent shall perform the withholding tax reporting for the previous year’s income information before the end of January each year.
Two-tiered profits tax rates has introduced for corporations and unincorporated businesses with effect from the year of assessment 2018/19.
![[Hong Kong] Tax Deductible Expenses for Hong Kong Company](https://premiatnc.blog/wp-content/uploads/2023/01/YouTube-thumbnail.png)
Expenses that are incurred for producing profits chargeable to Hong Kong profits tax and that are not capital in nature are generally tax deductible.
hello everyone thank you for joining our webinar this is alan senior audit manager that three direct tests in hong kong
Singapore company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.
Hong Kong adopts territorial basis of taxation.
It means only business profits, employment income and property rental income arising in or derived from Hong Kong is taxable.
Withholding tax is your responsibility. We are empowered to recover the tax from you by:
Appointing agents such as banks, tenants, among others and Initiating legal actions
The financial statements must be audited.
and these requirements do not apply to a company that is dormant.
Hong Kong adopts territorial basis of taxation.
It means only business profits, arising in or derived from Hong Kong is taxable. It applies to both residents and non-residents of Hong Kong.
Gratuitous transfer shares or conveyance of investment of capital by way of gift, the donor is generally liable for gift tax return and payment.
For companies incorporated outside of Hong Kong and establish a place of business in Hong Kong.
– Corporate : income sourced from onshore and offshore are subject to income tax
– Individual : onshore income are subject to income tax ; offshore income are subject to alternative minimum income tax
For Taiwan residents, the income will be subject to the progressive income tax rate from 5% to 42%.
대만 거주자에게는 5~42%의 누진소득세율이 적용됩니다. 대만 비거주자의 경우, 소득 유형에 따라 18~21%의 세율이 적용됩니다. (급여 18%, 배당금 21%)
The basis period for Salaries Tax runs from 1 April of the current year to 31 March of the succeeding year. Hence, form IR56Bs must be completed for the relevant year ended 31 March.
Resident individuals are taxed on a progressive tax rate basis starting at 0% and ending at 22% above S$320,000. Non-resident individuals are taxed at 15% or the progressive tax rates on the employment income, whichever results in a higher tax amount.
In general, directors’ remuneration derived from a company resident in Singapore is taxable in Singapore regardless of your physical presence in Singapore, due to the fact that the income was derived in Singapore.
There is no withholding tax on dividend distributions and interest payments from a Hong Kong entity.
On the other hand, specific types of payments are subject to withholding tax in Hong Kong. They are royalties paid to non-residents and fees paid to non-resident entertainers or sportsmen for their performances in Hong Kong. Next, I will provide further details about royalties paid to non-residents.
The Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) is a free trade agreement concluded by the mainland and Hong Kong. Under CEPA, all products of Hong Kong origin, except for a few prohibited articles, can be imported into the mainland tariff-free.
Gratuitous transfer shares or conveyance of investment of capital by way of gift, the donor is generally liable for gift tax return and payment.
273 classes of Hong-Kong-made goods can be exported to the mainland free of tariff. For other categories of ‘made in Hong Kong’ products, the mainland also agreed to apply a zero-import tariff, upon applications by local manufacturers for other product codes maintained on China’s tariff system and meeting the CEPA rules of origin.
The Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) is a free trade agreement concluded by the mainland and Hong Kong. Under CEPA, all products of Hong Kong origin, except for a few prohibited articles, can be imported into the mainland tariff‑free.
