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The executor’s duty to file tax returns for the deceased taxpayer

In terms of taxation regulations, the executor of a will includes the estate administrator, the person who manages the deceased’s estate, and the trustee. The executor must notify the Hong Kong Inland Revenue Department of the relevant matters within one month after the death of the deceased taxpayer, and must provide a copy of the … Read more

Limits for claiming charitable deductions

The deduction of approved charitable donations under the tax regulations must be no less than $100, and the Inland Revenue Department will not allow more than one taxpayer to be deducted for the same donation, but will allow married couples to claim deductions against each other. If more than one person is eligible for a … Read more

How can I claim charitable donations?

The tax regulations require taxpayers to claim deductible donations under only recognized charitable donations. Approved charitable donations must be donations to charitable institutions, trusts or governments that have been exempted from tax under the Article 88 tax regulations. The Inland Revenue Department has uploaded the list of these charities and trusts to the website of … 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

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