Hong Kong has a territorial tax system where a company's profits are only subject to tax in Hong Kong if they arise or derive from Hong Kong. Profits which have a foreign source (also called offshore profits) are generally beyond the territorial scope of Hong Kong’s taxation system, including those derived by locally incorporated companies. Therefore, offshore profits are eligible for a tax exemption. The process for proving your source of profits is called offshore claim. In determining the source of profits, Hong Kong generally applies the “operations test”, which involves identifying the activities that re most important in generating the profits and the place at which these activities are carried out.
There are no taxes on dividends, interest or capital gains.
Following incorporation, companies are generally tracked by the tax authority and issued with a tax return for the first anticipated year of assessment. Even when no tax return has been issued, however, the company has an obligation to notify the tax authority if assessable profits have arisen. The year of assessment runs from 1 April to 31 March.
We ensure your tax compliance against ever-changing global standards. We can also assist you to gather documentary evidence to support an offshore claim and to handle enquiries from the Inland Revenue Department concerning the claim made.
We offer our clients expertise and experience when it comes to their tax compliance obligations, gathering relevant documents, cautioning them on procedures and deadlines and providing relevant updates allowing them to make informed decisions.Executive Accountant, Hong Kong office
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