Hong Kong tax newsletters
Mazars’ comments on Hong Kong tax issues.
March 2015 - Court of final appeal ruled that taxpayer's right should be protected under the six-year limitation
In December 2014, the Court of Final Appeal (“CFA”) handed down its judgment in Aviation Fuel Supply Company (“AFSC”) v. the Commissioner of Inland Revenue (“CIR”), upholding the decision of the Court of Appeal (“CoA”) in rejecting the CIR’s contention that balancing charge should be imposed on AFSC.
Hong Kong Budget 2014 / 2015
The Financial Secretary, Mr. John Tsang delivered his 2014-2015 budget speech for the government on 26 February 2014. The theme of this year’s budget is “Competiveness”.
Hong Kong Budget 2014 / 2015
The Financial Secretary, Mr. John Tsang delivered his 2014-2015 budget speech for the government on 26 February 2014. The theme of this year’s budget is “Competiveness”.
October 2014 - Automatic exchange of financial account information in tax matters
The Organization for Economic Co-operation and Development (“OECD”) took an important step towards greater transparency by releasing a full version of a new global standard for exchange of information between jurisdictions: Standard for Automatic Exchange of Financial Account Information in Tax Matters* (“the New Standard”) on 21 July 2014.
September 2014 -Tax information exchange agreements between Hong Kong and 6 Nordic countries
On 22 August 2014, Hong Kong signed Tax Information Exchange Agreements (“TIEAs”) with six Nordic jurisdictions, namely Denmark, The Faroes, Greenland, Iceland, Norway and Sweden.
As of today, Hong Kong has now signed seven TIEAs, including the first one with the United States.
As of today, Hong Kong has now signed seven TIEAs, including the first one with the United States.
November 2014 - Shanghai-Hong Kong Stock Connect Programme
Shanghai-Hong Kong Stock Connect Programme (“the Programme”) announced in April 2014 has finally been launched on 17 November 2014.
June 2014 - Court of First Instance ruled on taxpayer’s rights to correct errors
On 28 March 2014, the Court of First Instance (“the CFI”) handed down its judgment in Good Mark Industrial Limited (“Good Mark”) v the Commissioner of Inland Revenue (“the CIR”).
July 2014 - Comprehensive taxation agreement with Korea
Hong Kong concluded its 30th comprehensive double taxation agreement (“CDTA”) by signing with Korea on 8 July 2014.
May 2014 - Double stamp duty to be relaxed
In order to cool down the overheated property market caused by an influx of cash into Hong Kong, the Government proposed to introduce three measures between 2012 and 2013 to increase stamp duty on the sale and purchase of immovable properties, including:
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