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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

Does the Inland Revenue Department allow apportioned (overseas) profits to be taxed?

The current tax law does not provide for the apportionment of profits derived from overseas. In fact, if the Inland Revenue Department considers that taxpayers’ profits cannot be fully exempted from profits tax, it will also consider the feasibility of apportioning taxable profits. For example, in the service industry, if taxpayers provide some services overseas, … Read more

Manufacturing taxation – the differences between processing with supplied materials and processing with imported materials

The profits generated by manufacturing and operating in Hong Kong and then selling finished products are fully taxable. Some Hong Kong merchants will move their manufacturing industries to Mainland China for processing trade. In the early days, the processing trade was operated in a raw material processing type. However, in recent years, due to Mainland … Read more

How does the Inland Revenue Department infer that trade profits are derived from overseas?

The Inland Revenue Department considers the source of trade profits and will ascertain the following information from taxpayers: 1. Provide the company’s organizational chart, which must show the relationships among all companies. 2. What good does the taxpayer buy and sell? 3. Where and how to find suppliers, negotiate with suppliers, order product prices, make … Read more

The landlords should report truthfully on the tax return!

In fact, the Inland Revenue Department can know whether the owner’s property has been rented out and the amount of rented out from the following information: 1. Files regularly checked by the Hong Kong Inland Revenue Department mechanism 2. Employee’s pensions stated on the employer’s return of remuneration and pension 3. Rental expenses claimed by … Read more

Which expenses are tax-deductible from the landlord’s rental income?

The deductible items for property tax are as follows: 1. Payment of rates after deduction of quarterly allowances (if any), but not including government rent. 2. Special allowances for repairs and expenditures. The allowance is 20% of rental income minus rates. 3. The rent that cannot be recovered is confirmed by the documents. If the … Read more

Who will the Inland Revenue Department collect property tax from?

The tax regulations require that every landlord who owns any Hong Kong property must report the rental income of the leased property to the Inland Revenue Department and pay property tax. The property includes land and buildings, that is, in addition to buildings, it also includes side shops, parking spaces, exterior walls, roofs, signboards, freight … Read more

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