I purchased a computer in the year of assessment 2020/21 for HKD10,000. Can I have this expense to be split in to two parts and claim tax deduction in two years of assessment? Therefore HKD5,000 in the year of assessment 2020/21 and other HKD5,000 in the year of assessment 2021/22.

First of all, according to the Inland Revenue Ordinance section 16 (1), “In ascertaining the profits in respect of which a person is chargeable to tax under this Part for any year of assessment there shall be deducted all outgoings and expenses to the extent to which they are incurred during the basis period for … Read more

6 Common “Tax” Questions Answered for Office worker!

Facing tax problems? Friends who have just entered the workplace are most confused when they file their taxes in May when this “green bomb” come?  Don’t know what to do when filing a tax return(also known as tax declaration form)? What are the serious consequences of underreporting information? To summarize the frequently asked questions about … Read more

6 common tax deduction items that help your tax allowance!

Taxpayers will want to know more about the tax allowances when calculating the salary tax and personal assessment during the tax filing period.  What items and payments can be tax deducted? This article integrates common deductible tax payments for taxpayers. Self-Education Expenses: Tax Deduction up to $10,000 Salaries tax can apply for tax deduction for … Read more

Commercial Building Tax Exemption

Taxpayers acquire real property to operate businesses. The related capital expenditures are not fully deductible. However, tax allowance can be claimed, one of which is the commercial building allowance. Only commercial and non-industrial buildings are qualifying expenditure. The annual commercial building allowance is at 4% per annum computed by reference to the cost of construction … Read more

How to apply for deregistration of a company?

To terminate a limited company, the applicant must formally apply to the Inland Revenue Department for a notice of no objection to deregistration of the company. The applicant must be a director of the company or a hired accountant, secretarial company, or a law firm. If applying as a nominee, he must submit a letter … Read more

Corporations hold rental properties- Does it relate to profit tax or property tax?

According to the tax regulations, the leasing, or subletting of properties by corporations also constitutes a business. The rents they collect are subject to profits tax, but no property tax will be levied. Even so, the Inland Revenue Department usually issues property tax bills in the following situations: • The corporation holds the property on … Read more

Profits Tax-Bad and doubtful debts and related Deductions

In order for taxpayers to operate their businesses, the Inland Revenue Department will deduct the expenses and expenses incurred for generating taxable profits. One of the expenditures or expenses is bad and doubtful debts. However, the bad and doubtful debts must be included in the assessable business income before they can be deducted. Usually bad … Read more

Taxation related to partnership business

The business model of two or more taxpayers is a partnership business, but the number of partners in the partnership business cannot exceed 20. The Inland Revenue Department will calculate the tax on the assessable profits of the partnership business and collect the tax in the name of the partnership. The profit of the partnership … Read more

Limited company-increased tax deduction by salary

According to the Hong Kong Tax Regulations, all management expenses and expenses incurred by taxpayers in order to generate taxable profits during any period of their business operations can be deducted. In many cases, taxpayers will set up a limited company and then hire employees to help run the company and take care of the … Read more

Is the employee insurance agent subject to salaries tax for receiving the advance payment?

In addition to the salary and commission during the employment period, the insurance company also has the opportunity to prepay the insurance agent a sum of money to induce him to sign an employment contract and continue to provide services to his company in the future. They will agree that if the agent resigns before … Read more

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