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Hong Kong Taxation

Law and Practice 2012–13 Edition

By Ayesha Macpherson Lau and Garry Laird

Publication Year: 2012

Wide Coverage: The book covers the major areas of Hong Kong taxation—Property Tax, Salaries Tax, Profits Tax, Personal Assessment and Stamp Duty. It explains the principles and practice of taxation law with relevant tax cases, Board of Review decisions and contains numerous practical examples. The current edition includes the 2011-12 budget changes and the latest developments in taxation. Included in the chapter which examines international tax issues is a new section on Hong Kong taxation issues for Mainland investors into Hong Kong. Distinguished Authorship: Originally written by David Flux, the book is updated annually by experienced tax professionals of KPMG, an international network of member firms offering audit, tax and advisory services. Conciseness: The text is written in a clear and concise manner. Technical jargon is kept to a minimum Quick and Easy Reference: Court cases, Board of Review decisions and relevant sections of the Inland Revenue Ordinance, Inland Revenue Rule and Stamp Duty Ordinance are indexed for quick and easy reference.

Published by: Chinese University Press

Title Page, Copyright Page

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pp. 1-4

Contents

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pp. v-xv

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Acknowledgement

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pp. xvi-16

This book is based on the book originally authored by David Flux, a former Senior Tax Partner of KPMG, in 1981 and updated by him annually until 1992. Although the book has undergone substantial revision and expansion over the years since he retired and relinquished responsibility for its updating, the present authors gratefully acknowledge the thought ...

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Preface to 2012–13 Edition

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pp. xvii-xix

... In May 2012 the Hong Kong government issued a consultation paper to professional and industry groups asking for their views on whether the Inland Revenue Ordinance (IRO) should be amended to provide the legal framework for entering into tax information exchange agreements (TIEAs). TIEAs are standalone agreements that provide for the exchange of information (EoI) with respect to tax matters. Unlike a comprehensive double ...

Abbreviations

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pp. xx-xxi

Latin Words and Phrases

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pp. xxii-22

Table of Cases

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pp. xxiii-xxxiii

Board of Review Decisions

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pp. xxv-xl

IRO, IRR and SDO

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pp. xli-lv

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1. General Scheme of Taxation in Hong Kong

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pp. 1-35

... The law governing the imposition of income based taxes in Hong Kong is contained in the Inland Revenue Ordinance (IRO) and its subsidiary legislation, the Inland Revenue Rules (IRR), and in various orders made by the Chief Executive in Council. The IRO, which was enacted in 1947 to impose income taxes in Hong Kong, is based on a legislative package developed by the UK for its colonies. The same package was the basis of ...

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2. Property Tax

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pp. 37-54

The relevant law concerning the charging of Property Tax is in Part II of the IRO, Secs. 5 to 7C. The provisions regarding returns which are contained in Part IX, and assessment and collection of tax contained in Parts X and XII are also applicable to Property Tax, while Part XC deals with Provisional Property Tax. The provisions of Part XI relating to objections and appeals are applicable as are various other administrative ...

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3. Salaries Tax

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pp. 55-191

... The law governing Salaries Tax is primarily contained in Part III of the IRO, Secs. 8 to 13. Also relevant is Sch. 2 to the IRO which covers the progressive rates of tax, Part IVA and Schs. 3A, 3C and 3D which deal with certain concessionary deductions, Part V and Sch. 4 which set out personal allowances, Part VI concerning depreciation allowances and Part XA which covers Provisional Salaries Tax. Additionally, the general ...

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4. Profits Tax

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pp. 193-501

... Profits Tax has the greatest amount of legislation of the three income taxes, the main provisions being in Secs. 14 to 26A under Part IV of the IRO. Also directly relevant are Rules 2A to 2D of the IRR governing apportionment of allowable deductions, Rules 3 and 5 of the IRR governing the ascertainment of branch assessable profits and Part XB governing Provisional Profits Tax. The provisions governing depreciation ...

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5. Depreciation Allowances

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pp. 503-562

... Depreciation allowances represent the statutory means of allowing tax relief for capital expenditure incurred on the acquisition of fixed assets and essentially replaces, for tax purposes, the depreciation charge in the financial accounts. In addition to providing the rates at which allowances are granted, the statutory rules also determine the type of expenditure which qualifies for the various types of allowances. ...

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6. Personal Assessment

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pp. 563-593

... The law governing Personal Assessment is contained in Part VII of the IRO Secs. 40B to 43. Personal allowances, also dealt with in this chapter, are contained in Part V of the IRO Secs. 27 to 33 and Sch. 4. Also relevant are the assessing provisions in Part X and provisions covering returns and information in Part IX. ...

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7. Returns and Information to Be Supplied, Penalties

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pp. 595-626

... The law covering returns and information to be provided by taxpayers and others is contained in Part IX of the IRO, Secs. 51 to 58. Penalties in respect of returns, information and other matters are covered by Part XIV, Secs. 80 to 84. ...

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8. Assessments and Payment of Tax

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pp. 627-648

... The provisions for the assessment and payment of tax affect all three income based taxes and are contained in various parts of the IRO. However, the legislation dealing with the matters specifically covered in this chapter is contained in Part X in respect of the powers to assess and the form and validity of notices, in Part XII in respect of the payment of ...

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9. Objections and Appeals

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pp. 649-682

... An objection is the initial means by which a taxpayer may statutorily dispute an assessment made upon him. The IRO lays down strict rules as to the form and timing of an objection and failure to follow these rules may render the objection invalid. Furthermore, the IRO governs how an objection is to be dealt with by the IRD. ...

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10. Miscellaneous Matters

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pp. 683-744

... This book is essentially concerned with the application of the taxation laws of Hong Kong to financial transactions. Many transactions, however, take place across national borders and one consequence of this is that the same profit may attract taxation in two or more jurisdictions. ...

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11. International Aspects of Hong Kong Taxation

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pp. 745-810

... This book is predominantly concerned with the law and practice regarding taxes imposed by the laws of Hong Kong. Hong Kong is not, however, isolated from the rest of the world in terms of foreign trade and investment. Accordingly, this chapter examines some international aspects of taxation to highlight various issues faced by overseas enterprises investing ...

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12. Stamp Duty

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pp. 811-854

... Stamp Duty is an important source of revenue for the Hong Kong Government. However, its yield is closely linked to activity in the Hong Kong property and stock markets and collections are inherently volatile. This is demonstrated by the fact that in the year ended 31 March 2003, reflecting depressed property and stock markets, Stamp Duty collections were $7.5 billion, or only 8% of total tax collected by the IRD. However, in the year ...

Index

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pp. 855-869


E-ISBN-13: 9789629969097
Print-ISBN-13: 9789629965402

Page Count: 928
Illustrations: N
Publication Year: 2012