Instructions for insurance agents to operate business

The insurance company may require the insurance agent to waive certain rights in the contract and pay him a sum of money as compensation during the period of the insurance agent’s business operations. If this sum does not constitute the capital assets of the agent’s business or does not affect the overall structure of the … Read more

How would you be selected as an investigation case for the Inland Revenue Department?

The Audit and Investigation Division of the Inland Revenue Department (“the department”) is committed to combating tax evasion. Generally speaking, if the department is aware of the following items that seem to be out of compliance, it will conduct audits and investigations: • The corporate audit report expresses extremely reserved opinions • Compared with other … Read more

Self-employed insurance agent collects advance payment to pay profits tax?

In addition to general commissions, bonuses, gratuities, etc…The insurance agent may receive advance payments from the insurance company, such as the initial signature fee, franchise bonus, or contract bonus, and he will negotiate with the insurance company to offset the amount earned during a certain period of time. Commission, and if the agent fails to … Read more

Insurance Agent-Salaries Tax or Profits Tax?

Insurance agents have relatively high business expenses. They will apply for a business registration certificate in the form of self-employment, open a sole proprietorship, and then report income and commissions in the profits tax to obtain greater deductions. In fact, the Inland Revenue Department will check the relationship between the insurance agent and the insurance … Read more

Profits Tax-Expense Sharing

In any year of assessment, the outgoings and expenses incurred by the taxpayer’s business operations to generate assessable profits can be deducted. Outgoings and expenses are sometimes paid for two or more purposes at the same time. If the used part is of a private nature or has nothing to do with business, no deduction … Read more

Proposing to amend the assessment on the grounds of error or omission

One month after the issuance of the notice of assessment, the objection period has indeed passed. The taxpayer later discovered that there were errors or omissions in the assessment, and it is still possible to propose amendments to the assessment. However, the Inland Revenue Department will not accept requests for amendments to tax assessments for … Read more

Salaries tax-payment in lieu of notice

The payment in lieu of notice paid by the employer to the employee is compensation for loss of work due to the employee’s own fault. Payment in lieu of notice is income obtained in accordance with the terms of the employment contract, so it is subject to salaries tax. The payment in lieu of notice … Read more

Under what circumstances do you need to act responsibly on behalf of non-residents in Hong Kong

Since non-residents are overseas and have the opportunity to arrange tax avoidance, the Inland Revenue Department will have certain difficulties in levying taxes on non-residents. Therefore, the tax regulations will require his Hong Kong agent or residents who pay him to file tax returns, withhold taxes and pay taxes on his behalf. The definition of … Read more

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