A gift tax is a tax imposed on the gratuitous transfer of ownership of property. For something to be considered a gift, the receiving party cannot pay the giver full value for the gift, but may pay an amount less than its full value. It is the giver of the gift who is required to [...]
Gift tax in Hong Kong is levied at a progressive rate. Inter-vivos gifts which are not made for valuable consideration attract stamp duty of up to 2.75% where the gift has a value in excess of $513,000.00 HKD whereas no tax is payable if the gift is worth less than $128,000.00 HKD or where the [...]
An international tax adviser focuses around the tax structures of at least two countries. Many international tax advisers advise businesses with multiple global offices, while others work with individuals who own land, work, or primarily reside abroad. Almost every country in the world has its own tax structure, but no two structures are the same. [...]
Withholding tax, is a government requirement for the payer of an item of income (Salary, Dividend, Interest…) to withhold or deduct tax from the payment, and pay that tax directly to the government. Governments use withholding tax as a means to combat tax evasion and tax avoidance. The amount of withholding tax on income payments [...]
There are no withholding taxes in Hong Kong as such, but if a company is making a payment to his foreign subsidiary or holding company which is considered to be income sourced in Hong Kong, the company needs to withhold tax. When a Hong Kong company pays royalties for the use of intellectual property (IP) [...]
Stamp Duty is a tax on legal documents such as those used, e.g., for the sale or purchase of shares or the conveyance of a property to a new owner. Historically, this included the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions. A physical stamp (a revenue stamp) [...]
Stamp duty is most frequently encountered in connection with the sale or lease of interests in Hong Kong immovable property, and the transfer of shares of companies which are either incorporated in Hong Kong or listed on the Hong Kong Stock Exchange. The range of instruments which are potentially subject to stamp duty is wide, [...]
Property tax is levied on an annual basis and paid by the owner or occupier of real estate located in Hong Kong. Since ownership can be split separate assessments can be made on the same plot of land. Property tax is governed by the provisions of the Inland Revenue Ordinance. The assessment is based on [...]
Companies pay a standard rate of 16.5% on assessable profits. Unincorporated Businesses (Businesses other than corporate entities) pay a rate of 15% on assessable profits. All taxpayers are subject to the same corporation or unincorporated business tax rate irrespective of their residential status. Concessionary rates Special concessionary rates apply to the following businesses or sources [...]
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