DOCSLIB.ORG

DFK Doing Business in Hong Kong

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
DFK Doing Business in Hong Kong Doing Business in Hong Kong This document describes some of the key commercial and taxation factors that are relevant on setting up a business in Hong Kong. dfk.com Prepared by AMA CPA Limited +44 (0)20 7436 6722 2 Doing Business in Hong Kong Background Country overview The financial and securities sectors are regulated by: Hong Kong is located on the Southeast coast of China with a land area of about • The Hong Kong Monetary Authority; 1,100 square kilometres, comprising of Hong Kong Island, Kowloon Peninsula, • The Securities and Futures the New Territories and the outlying Commission; and islands. Hong Kong has a population of more than 7 million and three official • The Stock Exchange of Hong Kong languages which are English, Cantonese Limited. and Putonghua. Cantonese is the mother tongue in Hong Kong. Economic overview The People’s Republic of China (“PRC”) Hong Kong operates under a “laissez- resumed its sovereignty over Hong faire” economic system with minimal Kong when the Hong Kong Special Government interference in all sectors of Administrative Region (“HKSAR”) of the PRC the economy, and there are no exchange was established on July 1, 1997. The head controls. Hong Kong maintains its own of HKSAR is the Chief Executive who is monetary system and the Hong Kong elected for a five-year term, with approval dollar is pegged to the US dollar at the of the PRC. rate of 1US$ = 7.78 HKD. The Basic Law, which was adopted on April The HKSAR Government welcomes foreign 4, 1990, forms the written constitution of investment and there is no restriction on Hong Kong. foreign ownership. A number of business chambers in Hong Key characteristics of Hong Kong’s Kong provide assistance on business commercial environments are: opportunities and networking facilities, including: • a high degree of internationalization • Australian Chambers of Commerce; • open and fair competition • American Chambers of Commerce; and • free flow of information • British Chambers of Commerce. • well established financial networks There is no central bank in Hong Kong. • good transport and communications infrastructure HSBC, Standard Chartered Bank and Bank of China are the only three note issuing • well educated workforce banks in Hong Kong. dfk.com +44 (0)20 7436 6722 Doing Business in Hong Kong 3 • simple tax structure and low tax rates Transport infrastructure • no tariffs adversely affecting As a hub of finance and transport international trade. communications, Hong Kong plays an important role for business in the Asia Hong Kong is a founding member of the Pacific region and acts as the gateway World Trade Organisation (WTO) and to mainland China. is a strong supporter of the Anti-Dumping Code. Hong Kong has a well-developed road and railway transport infrastructure. Most of Since China’s accession to the WTO and the Hong Kong people take their journeys the signing of the free trade agreement on a public transport system which between mainland China and Hong Kong, includes railways, trams, buses, minibuses, [i.e. the Closer Economic Partnership taxis and ferries. MTR Corporation Limited Agreement (CEPA)], Hong Kong has been (“MTR”) operates Hong Kong’s railways well positioned to play an important role including the Airport Express to the Hong to companies wishing to expand Kong International Airport. The MTR’s businesses into mainland China. railway network covers most of the areas in Hong Kong Island, Kowloon and the New In Hong Kong, commercial and industrial Territories, and is the backbone of Hong rights are protected through patents Kong’s public transport system. and trademark laws as well as consumer protection controls. However, there is little associated trade practices legislation. dfk.com +44 (0)20 7436 6722 4 Doing Business in Hong Kong Choice of Legal Form 1. The most common types of business 2. Relevant legislation affecting business entities in Hong Kong are: entities in Hong Kong include: • a limited company • The Companies Ordinance • partnership • The Inland Revenue Ordinance • sole proprietorship • The Business Registration Ordinance • Branch / Representative office A limited company in Hong Kong requires at least one natural person appointed as director and a local company or person as company secretary. dfk.com +44 (0)20 7436 6722 Doing Business in Hong Kong 5 Audit Requirements All Hong Kong incorporated companies Standards and International Financial are statutorily required by the Companies Reporting Standards for small and Ordinance to have their financial medium-sized entities respectively, statements audited annually in accordance whereas SME-FRS is a ‘local’ accounting with the Hong Kong Standards on Auditing standard applicable to entities which are issued by the Hong Kong Institute of entitled to take advantage of the reporting Certified Public Accountants (HKICPA). exemption as set out in the Companies Ordinance. Financial statements for corporate entities need to comply with the disclosure The financial statements of private requirements as set out in the Companies companies are not published or required Ordinance, the Hong Kong Financial to be filed on public record in Hong Kong. Reporting Standards (HKFRS) / Hong Kong Financial Reporting Standard for Private Under the Hong Kong Companies Entities (HKFRS-PE), Small and Medium- Ordinance, every company shall keep sized Entity Financial Reporting Standard proper accounting records regarding: (SME-FRS) issued by the HKICPA, and and the Rules of The Stock Exchange a) all sums of money received and of Hong Kong Limited in the case of expended by the company and the listed companies. matters in respect of which the receipt and expenditure takes place; The HKFRS and HKFRS-PE are, in all material respects, converged with b) all sales/service income and direct International Financial Reporting operating costs of the company; and dfk.com +44 (0)20 7436 6722 6 Doing Business in Hong Kong c) the assets and liabilities of the company. The accounting records are to be kept for seven years from the end of the financial year in which the last entry was made, or to which the last recorded matter relates. Business entities are also required under the Hong Kong Inland Revenue Ordinance to maintain sufficient records of their income and expenditure to enable the assessable profits (if any) to be readily ascertained. Even if the business operations are conducted offshore, the relevant supporting invoices and receipts, together with other relevant records, are still required to be kept. dfk.com +44 (0)20 7436 6722 Doing Business in Hong Kong 7 Taxation The Inland Revenue Ordinance (IRO) Provisional tax is payable for all three taxes imposes three separate types of direct and is usually based on the assessable taxes on company profits and income of income of the previous year. partnerships and individuals. The three direct taxes levied are: Profits tax a) Profits tax; Individuals and entities carrying on a trade, b) Salaries tax; and profession or business in Hong Kong are subject to profits tax if the source of c) Property tax profits arises in or is derived from Hong Kong from the carrying on of that trade, Based on the territorial concept, a liability profession or business. to tax will arise only when the income has a source in Hong Kong. Income which Whether a taxpayer is carrying on a trade, arises or is derived from outside Hong profession or business in Hong Kong is Kong will not be assessed for tax by the largely a matter of fact and will depend Hong Kong Inland Revenue Department. upon the circumstances of each case. Under normal circumstances, the claim for exemption from Hong Kong tax needs to In broad terms, a trade, profession or be lodged with, and agreed by, the Hong business is being carried on or performed Kong Inland Revenue Department. in Hong Kong if: dfk.com +44 (0)20 7436 6722 8 Doing Business in Hong Kong a) its central management is located in In addition, Hong Kong has agreed Hong Kong; to implement the OECD tax model of Common Reporting Standard with effect b) its continuous commercial activities are from 2018. in Hong Kong; or Profits tax rates in Hong Kong for the year c) its activities are conducted through an of assessment 2017/18 are: agent in Hong Kong where the agent has a general authority to negotiate Incorporated businesses - 16.5% and conclude contracts. Unincorporated businesses - 15% Dividend and bank interest income as well as capital gains are non-taxable in Hong Kong. Salaries tax Profit tax losses can be carried forward Salaries tax is charged on every person indefinitely subject to the anti-avoidance in respect of his income arising in or rule on change of ownership. There is no derived from Hong Kong from any office, group loss relief available. employment or pension. In order for the income to give rise to salaries tax, the Anti-avoidance legislation is also in place duties must be rendered in Hong Kong aiming at transfer pricing arrangements and the number of days spent in Hong between overseas and Hong Kong entities Kong by the individual should be over who are closely connected. 60 days per year. Hong Kong has signed double tax Income is deemed to include all wages, treaties or double tax agreements with a salary, leave pay, perquisites, bonuses number of countries including, inter alia, and allowances. A common type of Belgium, Thailand, Vietnam, Indonesia, the taxable benefits-in-kind is in respect Netherlands, Luxembourg, Japan, France, of rent free accommodation provided United Kingdom, Austria, Canada, Italy, to the employees by the employers (or Korea, South Africa and mainland associated entities). In general, the taxable China. amount of rent free accommodation is calculated at 10% of the assessable income Most agreements concluded so far cover derived from the employment.
Load more

Recommended publications
  • Addendum General Information1
    ADDENDUM GENERAL INFORMATION1 TABLE OF CONTENTS Pennsylvania ......................................................... A-43 Addendum – General Information ......................... A-1 Puerto Rico ........................................................... A-44 United States ......................................................... A-2 Rhode Island ......................................................... A-45 Alabama ................................................................. A-2 South Carolina ...................................................... A-45 Alaska ..................................................................... A-2 South Dakota ........................................................ A-46 Arizona ................................................................... A-3 Tennessee ............................................................. A-47 Arkansas ................................................................. A-5 Texas ..................................................................... A-47 California ................................................................ A-6 Utah ...................................................................... A-48 Colorado ................................................................. A-8 Vermont................................................................ A-49 Connecticut ............................................................ A-9 Virginia ................................................................. A-50 Delaware .............................................................
    [Show full text]
  • Business Cycles in a Small Open Economy Model: the Case of Hong Kong.∗
    Business cycles in a small open economy model: The case of Hong Kong.∗ Paulina Etxeberria Garaigortay Amaia Izaz The University of the Basque Country. January, 2011 Abstract This paper analyzes the business cycle properties of the Hong Kong economy du- ring the 1982-2004 period, which includes the financial crisis experienced in Hong Kong in 1997-98. We show that output, output growth rate and real interest rates volatilities in Hong Kong are higher than their respective average volatilities among developed economies. In this paper, we build a stochastic neoclassical small open economy model that seeks to replicate the main business cycle characteristics of Hong Kong, and through which we try to quantify the role played by exogenous Total Factor Productivity and real interest rates shocks. The main finding is that, in order to ex- plain the Hong Kong business cycle characteristics, the trend volatility has to be higher than the volatility of the transitory fluctuations around the trend, and that the coun- try risk spread is the responsible for both the high variability and its countercyclicality. Keywords: Asian Financial Crisis, Small Open Economy, Neoclassical model. JEL Classification: E13, E32, F41. ∗We thank Cruz Angel´ Echevarr´ıa for useful comments. This paper was presented at the All China Economics (ACE) International Conference, Hong Kong, 2006, XXXIII Symposium of Economic Analysis, Spain, 2007, DEGIT XVI Dynamics, Economic Growth and International Trade, Los Angeles, USA, 2009. Financial support from Universidad del Pa´ısVasco MACLAB, project IT-241-07, and Ministerio de Ciencia e Innovaci´on,project ECO2009-09732 are gratefully acknowledged. Any remaining errors are the authors' responsibility.
    [Show full text]
  • Urban Forms and the Politics of Property in Colonial Hong Kong By
    Speculative Modern: Urban Forms and the Politics of Property in Colonial Hong Kong by Cecilia Louise Chu A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Architecture in the Graduate Division of the University of California, Berkeley Committee in charge: Professor Nezar AlSayyad, Chair Professor C. Greig Crysler Professor Eugene F. Irschick Spring 2012 Speculative Modern: Urban Forms and the Politics of Property in Colonial Hong Kong Copyright 2012 by Cecilia Louise Chu 1 Abstract Speculative Modern: Urban Forms and the Politics of Property in Colonial Hong Kong Cecilia Louise Chu Doctor of Philosophy in Architecture University of California, Berkeley Professor Nezar AlSayyad, Chair This dissertation traces the genealogy of property development and emergence of an urban milieu in Hong Kong between the 1870s and mid 1930s. This is a period that saw the transition of colonial rule from one that relied heavily on coercion to one that was increasingly “civil,” in the sense that a growing number of native Chinese came to willingly abide by, if not whole-heartedly accept, the rules and regulations of the colonial state whilst becoming more assertive in exercising their rights under the rule of law. Long hailed for its laissez-faire credentials and market freedom, Hong Kong offers a unique context to study what I call “speculative urbanism,” wherein the colonial government’s heavy reliance on generating revenue from private property supported a lucrative housing market that enriched a large number of native property owners. Although resenting the discrimination they encountered in the colonial territory, they were able to accumulate economic and social capital by working within and around the colonial regulatory system.
    [Show full text]
  • Public Land Leasing in Hong Kong: Flexibility and Rigidity in Allocating the Surplus Land Value
    PUBLIC LAND LEASING IN HONG KONG: FLEXIBILITY AND RIGIDITY IN ALLOCATING THE SURPLUS LAND VALUE by YU HUNG HONG B.S., Northeastern University (1987) M.C.P., Massachusetts Institute of Technology (1989) Submitted to the Department of Urban Studies and Planning in Partial Fulfillment to the Requirements for the Degree of DOCTOR OF PHILOSOPHY at the Massachusetts Institute of Technology May 1995 Yu Hung Hong, 1995. All rights reserved. The author hereby grants to MIT permission to reproduce and to distribute copies of this thesis document in whole or in part. Signature of Author Yu Hung Hong Department of Urban Studies and Planning May 1995 Certified by Karen R. Polenske Professor of Regional Political Economy and Planning Dissertation Supervisor Accepted by Karen R. Polenske Chairperson, Ph.D. Committee MASSACHUSE-rsSm Department of Urban Studies and Planning MASAum INSTITUTE JUL 111995 PUBLIC LAND LEASING IN HONG KONG: FLEXIBILITY AND RIGIDITY IN ALLOCATING THE SURPLUS LAND VALUE by Yu Hung Hong Submitted to the Department of Urban Studies and Planning in May 1995 in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in Urban and Regional Studies ABSTRACT In this study, I examined the viability of four mechanisms of land-value capture under the public land-leasing systems, using Hong Kong as a case. Because the State is the landowner under a leasehold system, it can capture the land value through four ways: (1) at the initial establishment of land contracts, (2) by the collection of an annual land rent, (3) during lease renewals, and (4) through modifications of lease conditions.
    [Show full text]
  • Tax and Investment Facts a Glimpse at Taxation and Investment in Hong Kong WTS Consulting (Hong Kong) Limited Hong Kong
    Hong Kong Tax and Investment Facts A Glimpse at Taxation and Investment in Hong Kong WTS consulting (Hong Kong) Limited Hong Kong WTS Alliance, to which WTS WTS Hong Kong, part of WTS Hong Kong belongs, is a global which is headquartered network of selected consulting in Germany, offers a firms represented in more comprehensive service than 100 countries worldwide. portfolio to both national and Within our service portfolio we international corporations are focused on tax, legal and and individuals with regard to consulting. Our clients include their investments in Greater multinational groups, national China and across Asia. We and international medium- advise on a range of topics, sized companies, non-profit including Hong Kong, Chinese, organizations and private European and International tax clients. law, accounting, market entry and transfer pricing. Strategic Contact in Hong Kong planning for expatriate Ms. Connie Lee assignment programmes is a Head of Tax further key area of expertise. [email protected] +852 2380 2003 WTS Hong Kong provides value added services in the following areas: → International tax → Corporate tax → Tax controversy services → Transfer pricing → Mergers & acquisitions → Global expatriate services → International project management → Accounting and bookkeeping → Human resources advisory 2 Tax and Investment Facts | Hong Kong Table of Contents 1 Types of Business Structure / Legal Forms of Companies 4 2 Corporate Taxation 5 3 Double Taxation Agreements / Tax Information Exchange Agreements 12 4 Transfer Pricing 15 5 Anti-avoidance Measures 16 6 Taxation of Individuals / Social Security Contributions 17 7 Indirect Taxes 22 8 Inheritance and Gift Tax 25 9 Wealth Tax 25 Tax and Investment Facts | Hong Kong 3 1 Types of Business Structure / Legal Forms of Companies The most common legal forms of business in Hong Kong are the limited liability company, partnership, sole proprietorship, branch office of parent company and representative office.
    [Show full text]
  • A Global Compendium and Meta-Analysis of Property Tax Systems
    A Global Compendium and Meta-Analysis of Property Tax Systems Richard Almy © 2013 Lincoln Institute of Land Policy Lincoln Institute of Land Policy Working Paper The findings and conclusions of this Working Paper reflect the views of the author(s) and have not been subject to a detailed review by the staff of the Lincoln Institute of Land Policy. Contact the Lincoln Institute with questions or requests for permission to reprint this paper. [email protected] Lincoln Institute Product Code: WP14RA1 Abstract This report is a global compendium of significant features of systems for recurrently taxing land and buildings. It is based on works in English, many of which were published by the Lincoln Institute of Land Policy. Its aim is to provide researchers and practitioners with useful infor- mation about these sources and with facts and patterns of system features, revenue statistics, and other data. It reports on systems in 187 countries (twenty-nine countries do not have such taxes; the situation in four countries is unclear). Accompanying the report are an Excel workbook and copies of the works cited when available in digital form. Keywords: Tax on property, recurrent tax on immovable property, property tax, real estate tax, real property tax, land tax, building tax, rates. About the Author Richard Almy is a partner in Almy, Gloudemans, Jacobs & Denne, a US-based consulting firm that works exclusively in property tax administration, chiefly for governments and related insti- tutions. Mr. Almy began his career as an appraiser with the Detroit, Michigan, Board of Asses- sors. Later he served as research director and executive director of the International Association of Assessing Officers (IAAO).
    [Show full text]
  • PROPERTY RATES in HONG KONG Assessment, Collection and Administration
    PROPERTY RATES IN HONG KONG Assessment, Collection and Administration Rating and Valuation Department The Government of the Hong Kong Special Administrative Region PROPERTY RATES IN HONG KONG Assessment, Collection and Administration Rating and Valuation Department The Government of Hong Kong Special Administrative Region Hong Kong, China Property Rates in Hong Kong Assessment, Collection and Administration Third Edition By LY CHOI, JP Commissioner of Rating and Valuation © Copyright reserved All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or any information storage and retrieval system, without the written permission of the copyright holder. Notes and Disclaimer This book is not intended to provide an authoritative interpretation of the law, which is the power of courts of the Hong Kong Special Administrative Region. Views expressed in this publication represent those of the editor and the contributors in their personal capacity. They are not necessarily the views of the Rating and Valuation Department and should not be taken as binding on the editor, the contributors and the Department in any official dealings with the Hong Kong Special Administrative Region Government. The Hong Kong Special Administrative Region Government is not responsible for any inaccuracies, errors or omissions in this publication, or for any loss, action, or inaction arising from the use of, or for advice based on, any information therein.
    [Show full text]
  • Stamp Duty Rates
    URL: https://www.kaizencpa.com/cht/Knowledge/info/id/157.html https://www.kaizencpa.com/cht/Knowledge/info/id/158.html Hong Kong Stamp Duty – Stamp Duty Rates Documents Subject to Stamp Duty in Hong Kong The Hong Kong Stamp Duty Ordinance (Cap.117 of the Laws of Hong Kong) imposes duty on certain types of documents, which are mainly as follows:- (1) Conveyance on sale (i.e. Assignment) (2) Agreement for sale of immovable property (3) Lease of immovable property (i.e. Tenancy Agreement) (4) Transfer of Hong Kong stock Methods of Stamping in Hong Kong (1) Conventional stamping on original instruments For all types of instruments including property documents and those relating to stock transactions, you may present the original instrument with a stamping request and supporting documents at Hong Kong Stamp Office Counter. For tenancy agreement, the application can be sent by post. Upon receipt of a stamping request with the required document(s) and payment, the Hong Kong Stamp Office will either issue a stamp certificate in respect of the instrument or impress a stamp on the document. (2) Application for stamping in paper form without presenting original instruments You may submit an application for stamping without presenting the original instrument in respect of agreements and assignments, and tenancy agreements (other than cases presented for adjudication or accompanying with exemption, relief, remission or refund claim) in paper form at Hong Kong Stamp Office Counter. For tenancy agreement, the application can be sent by post. (3) e-Stamping service You may use the 24 hours e-Stamping service to submit electronic stamping applications for: (a) Property - Initial stamping of agreement or assignment with not more than 4 purchasers; - Payment of deferred stamp duty; - Subsequent agreement or assignment; - Tenancy agreement with not more than 4 landlords and 4 tenants.
    [Show full text]
  • INLAND REVENUE BOARD of REVIEW DECISIONS Case No. D2/88 Appeals – Penalty Assessment – Whether Board of Review on Appeal
    INLAND REVENUE BOARD OF REVIEW DECISIONS Case No. D2/88 Appeals – penalty assessment – whether Board of Review on appeal can increase penalties – ss 68(8)(a) and 82B(3) of the Inland Revenue Ordinance. Penalty assessment – whether Board of Review on appeal can increase penalties – s 82B of the Inland Revenue Ordinance. Penalty assessment – whether penalties can be imposed on taxpayers who fail duly to lodge returns but subsequently submit correct returns – s 82A(1)(ii) of the Inland Revenue Ordinance. Penalty assessment – whether penalties excessive – general yardstick for calculation of penalties – s 82A of the Inland Revenue Ordinance. Panel: William Turnbull (chairman), John A Cheetham and Geoffrey Hui. Date of hearing: 6 January 1988. Date of decision: 7 April 1988. This case involved two taxpayer companies. The taxpayers did not notify the Commissioner of their liability to tax, and thus delayed paying tax for up to seven years. They were slow in responding to subsequent demands to submit returns. Their general behaviour showed total disregard of their obligations under the Inland Revenue Ordinance. The assessor ultimately resorted to issuing estimated assessments in order to provoke submission of returns, and these returns were accepted without adjustment. The Commissioner imposed penalties with respect to a number of years of assessment ranging between 11.6% and 20% of the maxima permitted (averaging 13% and 14.2% for each taxpayer). The taxpayers appealed. They claimed that penalties under s 82A could not be levied upon a taxpayer who fails to submit returns, or who fails to notify the Commissioner of his liability to tax, but who ultimately submits correct returns and pays his full tax liability.
    [Show full text]
  • Real Estate Indicators in Hong Kong1
    FEATURE ARTICLE Real estate indicators in Hong Kong1 by Wensheng Peng and Kelvin Fan of the Research Department The sharp decline in property prices has had a significant impact on Hong Kong’s economy and the banking sector. Despite this, banking as a whole has remained in a healthy position. This article looks at available real estate indicators in Hong Kong that can be used for monitoring the vulnerabilities of the banking sector and the economy to fluctuations in property prices. Mainly two types of statistics are involved — property prices and banks’ exposure to property-related lending. The article also reviews the nexus between property prices, the macroeconomy and the banking sector in Hong Kong, drawing on studies carried out by the Research Department of the HKMA in recent years. The studies help shed light on the usefulness of the various indicators for monitoring the impact of property price changes. I. INTRODUCTION swings in the past two decades. In particular, prices of various types of premises have dropped by around International experience suggests that movements in 60% since the collapse of the bubble triggered by real estate prices have important implications for the Asian financial crisis. This has resulted in macroeconomic and financial stability. In Hong significant negative wealth and balance-sheet effects Kong, the relationship between the property market on private consumption and investment. The weak and the wider economy is of particular significance domestic demand explains why overall economic for a number of reasons. growth has been sluggish despite the strong performance of exports of goods and services in First, the property market plays an important role in recent years.
    [Show full text]
  • Blueprint: a STATUTORY VALUE-ON-RETURN SCHEME for HONG KONG’S BEVERAGE CONTAINERS 《香港飲品容器有賞回贈法定計劃》藍 圖
    November 2020 Blueprint: A STATUTORY VALUE-ON-RETURN SCHEME FOR HONG KONG’S BEVERAGE CONTAINERS 《香港飲品容器有賞回贈法定計劃》藍 圖 內附中文摘要 Wealth of Flows Consulting Ltd 一次性飲品包裝工作小組委託WEALTH OF FLOWS CONSULTING LIMITED進 行了一 項 有 關 香港如何設計，管理及監察誘因式生產者責任制度的獨立研究。報告所提及的觀點並不一 定代表一次性飲品包裝工作小組或個別成員的立場。 關於一次性飲品包裝工作小組 一次性飲品包裝工作小組（「工作小組」）是一個由飲品生產商、進口商、零售商、廢物處理 回收業界，及非政府組織組成的聯盟。工作小組的「免「廢」暢飲」倡議致力於2030年前， 將減少70%至90%的飲品包裝被棄置於堆填區。 詳見 drinkwithoutwaste.org。 關於WEALTH OF FLOWS CONSULTING WEALTH OF FLOWS CONSULTING 是一間創立於香港的顧問公司，專門為循環經濟、固體 廢物政策和環境策略提供專業諮詢。 該公司在提供國際策略管理的諮詢、循環經濟的領 導工作以及將商業和環境利益轉變為共同目標的計劃上, 都具有豐富的經驗。 其團隊致力 於協助不同的組織以最直接的途徑達至循環模式。 The Single-Use Beverage Packaging Working Group has engaged Wealth of Flows Consulting Limited to carry out an independent research project on how to best design, manage and gover an incentive-based Producer Responsibility Scheme for Hong Kong. Views expressed in this report may not necessarily be the same as the position of the Single-Use Beverage Packaging Working Group or each individual member. ABOUT THE SINGLE-USE BEVERAGE PACKAGING WORKING GROUP The Single-Use Beverage Packaging Working Group (the Working Group) is a coalition of beverage manufacturers and importers, waste handlers and recyclers, institutions, retailers and NGOs in Hong Kong. The Working Group’s Drink Without Waste initiative seeks to reduce the volume of used beverage packaging going to waste by 70 to 90 percent by 2030. See drinkwithoutwaste.org. ABOUT WEALTH OF FLOWS CONSULTING LIMITED Wealth of Flows Consulting is a Hong Kong based consultancy specialized in circular economy, solid waste policy, and environmental strategy. The firm has a strong pedigree in international strategic management consulting, circular economy thought leadership, and turning business and environmental interests into a joint pursuit. Its team is dedicated to helping organisations find the straightest path towards circular models.
    [Show full text]
  • NL086E Profits Tax Liability for Businesses in Hong Kong May19
    Newsletter No. 86 (EN) Profits Tax Liability for Businesses in Hong Kong May 2019 All rights reserved © Lorenz & Partners 201 9 Newsletter No. 86 (EN) L&P Legal, Tax and Business Consultants Although Lorenz & Partners always pays great attention on updating information provided in newsletters and brochures we cannot take responsibility for the completeness, correctness or quality of the information provided. None of the information contained in this newsletter is meant to replace a personal consultation with a qualified lawyer. Liability claims regarding damage caused by the use or disuse of any information provided, including any kind of information which is incomplete or incorrect, will therefore be rejected, if not generated deliberately or grossly negligent. tious. This newsletter is designed to clarify I. Introduction the territorial principle of taxation. Please note that this newsletter will focus on the The law governing the imposition of in- taxation of corporations as this is the come based taxation in Hong Kong is con- most popular corporate format in Hong tained in the Inland Revenue Ordinance Kong. (“IRO”), Chapter 112 and its subsidiary legislation, the Inland Revenue Rules II. Taxation Rates in Hong Kong (“IRR”), and in various orders made by the Chief Executive in Council. Every assess- On 29 March 2018, the Inland Revenue ment issued under the IRO is related to a (Amendment) (No. 3) Ordinance 2018 came year of assessment. The year of assessment into force introducing a two-tiered profits in Hong Kong is from 01 April to 31 tax rate regime. The new regime applies to March. both corporations and unincorporated busi- nesses.
    [Show full text]