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E-raamat: Hong Kong Taxation

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  • Formaat: 960 pages
  • Ilmumisaeg: 01-Jul-2015
  • Kirjastus: The Chinese University Press
  • ISBN-13: 9789629968946
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Hong Kong TaxationSuurem pilt
  • Formaat: 960 pages
  • Ilmumisaeg: 01-Jul-2015
  • Kirjastus: The Chinese University Press
  • ISBN-13: 9789629968946
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This standard text is updated annually by the experienced tax professionals of KPMG, an international network of member firms offering audit, tax, and advisory services. The volume covers the major areas of Hong Kong taxation: Property Tax, Salaries Tax, Profits Tax, Personal Assessment, and Stamp Duty. It explains the principles and practice of taxation law through relevant tax cases and Board of Review decisions and contains numerous practical examples. The current edition covers the 2014-15 budget changes and the latest developments in taxation.

Acknowledgement xvii
Preface to 2014-15 Edition xviii
Abbreviations xx
Latin Words and Phrases xxii
Table of Cases xxiii
Board of Review Decisions xxxii
IRO, IRR and SDO xxxvii
Chapter 1 General Scheme of Taxation in Hong Kong 1(36)
1.1 Law, Interpretation and Policy
2(7)
1.2 The Taxes in General
9(5)
1.3 Estate Duty (EDO)
14(1)
1.4 Stamp Duty (SDO)
14(3)
1.5 Income Taxes
17(14)
1.5.1 Year of assessment (Sec. 2)
17(1)
1.5.2 Property Tax (Part II)
17(2)
1.5.3 Salaries Tax (Part III)
19(2)
1.5.4 Profits Tax (Part IV)
21(1)
1.5.5 Depreciation allowances (Part VI)
22(1)
1.5.6 Rates of Tax (Sch. 2)
23(1)
1.5.7 Personal allowances (Sch. 4)
24(1)
1.5.8 Personal Assessment (Part VII)
24(3)
1.5.9 Returns and information (Part IX)
27(1)
1.5.10 Assessments and payment of Tax (Parts X, XA, XB, XC, and XII)
28(1)
1.5.11 Objections and appeals (Part XI)
29(1)
1.5.12 Board of Inland Revenue (Sec. 3)
30(1)
1.6 Inland Revenue Department
31(2)
1.7 Taxation System from 1 July 1997
33(4)
1.7.1 The Basic Law
33(1)
1.7.2 The Hong Kong Reunification Ordinance
34(3)
Chapter 2 Property Tax 37(20)
2.1 Legislation
38(1)
2.2 Scope of the Tax
38(1)
2.3 The Charge
39(4)
2.3.1 Net assessable value
39(1)
2.3.2 Assessable value
40(3)
2.4 Ownership
43(3)
2.5 Exemptions and Reliefs
46(5)
2.5.1 Governments
46(1)
2.5.2 Corporations and other persons carrying on business
46(3)
2.5.3 Clubs and trade associations
49(1)
2.5.4 Alternative bond schemes
50(1)
2.6 Assessment and Payment of Property Tax
51(4)
2.7 Time Limits and Objections
55(2)
Chapter 3 Salaries Tax 57(134)
3.1 Legislation
59(1)
3.2 Scope of the Tax
59(2)
3.3 Source of the Income
61(21)
3.3.1 General 61
3.3.2 Employment income
61(16)
3.3.2.1 Non-Hong Kong employment
69(5)
3.3.2.2 Hong Kong employment
74(3)
3.3.3 Holder of an office
77(2)
3.3.4 Pensions
79(1)
3.3.5 Seafarers and aircrew
80(2)
3.4 Determination of Assessable Income
82(53)
3.4.1 Inclusions in assessable income
83(5)
3.4.2 Case law discussion
88(17)
3.4.2.1 Is the income from employment?
88(1)
3.4.2.2 Is the income for services rendered?
89(1)
3.4.2.3 Payments on termination of employment
90(10)
3.4.2.4 Payments on change of terms of employment
100(2)
3.4.2.5 Payments on commencement of employment
102(1)
3.4.2.6 Payments other than from the recipient's employer
102(1)
3.4.2.7 Perquisites
103(1)
3.4.2.8 Other issues
103(2)
3.4.3 Housing accommodation benefit
105(9)
3.4.4 Share option benefit
114(10)
3.4.5 Other perquisites
124(1)
3.4.6 Exclusions from assessable income
125(10)
3.5 Deductions from Assessable Income
135(24)
3.5.1 Expenses
135(6)
3.5.2 Depreciation allowances
141(1)
3.5.3 Self-education expenses
142(2)
3.5.4 Charitable contributions
144(2)
3.5.5 Home loan interest
146(8)
3.5.6 Elderly residential care expenses
154(2)
3.5.7 Retirement scheme contributions
156(1)
3.5.8 Losses
157(2)
3.6 Basis of Assessment
159(9)
3.6.1 Basis period and income falling therein
160(5)
3.6.2 Calculation of tax
165(2)
3.6.3 Break-even point
167(1)
3.7 Assessment and Payment of Tax
168(4)
3.7.1 Filing requirements
168(1)
3.7.2 Objections and appeals
168(1)
3.7.3 Provisional Salaries Tax
169(3)
3.8 Other Issues
172(17)
3.8.1 Treatment of payments to service companies and trusts
172(8)
3.8.2 Tax on tax
180(3)
3.8.3 Taxation of married couples
183(13)
3.8.3.1 The election
186(1)
3.8.3.2 Provisional Salaries Tax
187(1)
3.8.3.3 Definitions
188(1)
3.8.4 Double Taxation Agreements
189(2)
Chapter 4 Profits Tax 191(336)
4.1 Legislation
194(1)
4.2 Scope of the Tax
194(2)
4.3 Liability to Profits Tax
196(22)
4.3.1 Persons chargeable
197(3)
4.3.2 Carrying on a trade, profession or business
200(5)
4.3.3 What constitutes trading
205(9)
4.3.4 Meaning of business
214(2)
4.3.5 Commencement of business
216(2)
4.3.6 Cessation of business
218(1)
4.4 Source of Profits
218(56)
4.4.1 Statutory provisions
219(1)
4.4.2 Case law - general principles
220(33)
4.4.3 Case law - other issues
253(5)
4.4.4 Source of interest income
258(6)
4.4.5 IRD's practice
264(10)
4.5 Ascertainment of Assessable Profits
274(164)
4.5.1 When income and profit arises
278(10)
4.5.2 Treatment of capital profits
288(10)
4.5.3 Other excluded profits
298(16)
4.5.4 Amounts deemed taxable
314(21)
4.5.5 Expenditure - general deductibility rules
335(8)
4.5.6 When expenditure is incurred
343(4)
4.5.7 Expenditure - capital v revenue
347(8)
4.5.8 Expenditure deemed deductible
355(32)
4.5.9 Deductibility of interest and related expenses
387(18)
4.5.9.1 Interpretation of Sec. 16(1)(a)
388(5)
4.5.9.2 Provisions of Sec. 16(2) - Prior to 25 June 2004
393(5)
4.5.9.3 Provisions of Sec. 16(2) - From 25 June 2004
398(7)
4.5.10 Expenditure deemed non-deductible
405(5)
4.5.11 Payments to "service companies"
410(5)
4.5.12 Trading stock and work-in-progress
415(6)
4.5.13 Pre-commencement expenditure
421(1)
4.5.14 Post-cessation receipts and payments
422(1)
4.5.15 Apportionment of expenses
422(5)
4.5.16 Losses
427(11)
4.5.16.1 Losses involving taxpayers deriving concessionary trading receipts
428(3)
4.5.16.2 Individuals
431(2)
4.5.16.3 Corporations and other persons
433(1)
4.5.16.4 Partnerships - general
433(1)
4.5.16.5 Limited Partnerships - loss limitation
434(2)
4.5.16.6 Trustees
436(2)
4.6 Basis of Assessment
438(13)
4.6.1 Normal basis
439(1)
4.6.2 Commencement
439(2)
4.6.3 Cessation
441(5)
4.6.4 Change of accounting date
446(4)
4.6.5 Apportionment
450(1)
4.7 Special Classes of Business
451(54)
4.7.1 Life insurance corporations
451(6)
4.7.2 Non-life insurance corporations
457(3)
4.7.3 Shipping and aircraft businesses - general
460(1)
4.7.4 Shipowning businesses
461(8)
4.7.5 Resident aircraft-owning businesses
469(7)
4.7.6 Non-resident aircraft-owning businesses
476(1)
4.7.7 Financial institutions
477(7)
4.7.8 Clubs and trade associations
484(2)
4.7.9 Partnerships
486(5)
4.7.10 Alternative bond schemes
491(14)
4.8 Non-residents
505(15)
4.8.1 Non-residents carrying on business in Hong Kong
506(3)
4.8.2 Goods on consignment
509(2)
4.8.3 Hong Kong agents
511(4)
4.8.4 Payers other than agents
515(4)
4.8.5 Arm's length pricing
519(1)
4.9 Assessment and Payment of Tax
520(7)
Chapter 5 Depreciation Allowances 527(60)
5.1 Legislation
529(1)
5.2 Scope of the Reliefs
529(1)
5.3 Industrial Buildings
530(13)
5.3.1 Qualifying expenditure
530(7)
5.3.2 Initial allowance
537(1)
5.3.3 Annual allowance
537(3)
5.3.4 Balancing allowances and charges
540(3)
5.4 Commercial Buildings (For years of assessment prior to 1998/99)
543(1)
5.4.1 Qualifying expenditure
543(1)
5.4.2 Allowances
544(1)
5.5 Commercial Buildings (For 1998/99 and subsequent years of assessment)
544(4)
5.5.1 Annual allowances
545(2)
5.5.2 Balancing allowances and charges
547(1)
5.6 Expenditure Qualifying as Plant and Machinery
548(5)
5.7 Plant and Machinery Allowances (General)
553(1)
5.8 Plant and Machinery Allowances (Pooling System)
554(7)
5.8.1 Initial allowance
554(1)
5.8.2 Annual allowance
554(4)
5.8.3 Balancing allowance/charge
558(3)
5.9 Plant and Machinery Allowances (Non-Pooling System)
561(8)
5.9.1 Initial allowance
562(1)
5.9.2 Annual allowance
563(3)
5.9.3 Balancing allowance/charge
566(3)
5.10 Leasing
569(14)
5.10.1 When is a lease not a lease?
570(3)
5.10.2 Sale and leaseback
573(4)
5.10.3 Leveraged leases - general
577(1)
5.10.4 Non-recourse debt
578(1)
5.10.5 Leveraged leases - ships or aircraft
578(3)
5.10.6 Leveraged leases - machinery or plant other than ships or aircraft
581(2)
5.11 Miscellaneous Points Relating to Depreciation Allowances
583(4)
5.11.1 Basis periods
583(1)
5.11.2 Apportionment
584(1)
5.11.3 Commissioner's powers to determine cost or value of asset
584(3)
Chapter 6 Personal Assessment 587(30)
6.1 Legislation
588(1)
6.2 The Purpose of Personal Assessment
588(1)
6.3 Persons Who Qualify
589(3)
6.4 The Election
592(2)
6.5 Computation of Total Income
594(4)
6.6 Personal Allowances
598(14)
6.6.1 Basic allowance (Sec. 28)
599(1)
6.6.2 Married person's allowance (Sec. 29)
599(1)
6.6.3 Child allowance (Sec. 31)
600(1)
6.6.4 Dependent parent allowance (Sec. 30)
601(3)
6.6.5 Dependent grandparent allowance (Sec. 30A)
604(3)
6.6.6 Disabled dependent allowance (Sec. 31A)
607(3)
6.6.7 Dependent brother or dependent sister allowance (Sec. 30B)
610(1)
6.6.8 Single parent allowance (Sec. 32)
611(1)
6.7 The Charge to Tax
612(5)
Chapter 7 Returns and Information to Be Supplied, Penalties 617(32)
7.1 Legislation
618(1)
7.2 Returns and Information
618(12)
7.2.1 Returns - general
618(3)
7.2.2 Persons responsible
621(1)
7.2.3 Returns by employers
622(1)
7.2.4 Information
623(2)
7.2.5 Statement of assets and liabilities
625(2)
7.2.6 Search warrants
627(2)
7.2.7 Business records
629(1)
7.3 Service of Notices
630(1)
7.4 Penalties
631(18)
7.4.1 Omissions, failure to make returns, etc.
633(4)
7.4.2 Penalty assessments (additional tax)
637(8)
7.4.3 Fraud and wilful evasion
645(2)
7.4.4 Miscellaneous
647(2)
Chapter 8 Assessments and Payment of Tax 649(22)
8.1 Legislation
650(1)
8.2 The Power to Assess
650(6)
8.2.1 General
650(2)
8.2.2 Estimated assessments
652(1)
8.2.3 Personal assessment
653(1)
8.2.4 Additional assessments
654(2)
8.3 Notices of Assessment
656(1)
8.4 Payment of Tax
657(3)
8.5 Recovery of Tax
660(3)
8.5.1 District Court procedure
660(1)
8.5.2 Collection from debtor of taxpayer
661(1)
8.5.3 Detention of defaulters leaving Hong Kong
662(1)
8.5.4 Impounding ships or aircraft
663(1)
8.6 Repayment of Tax
663(1)
8.7 Assessments Final and Conclusive
664(7)
8.7.1 Error or omission claim (Sec. 70A)
665(6)
Chapter 9 Objections and Appeals 671(36)
9.1 Legislation
672(1)
9.2 Objections
672(9)
9.2.1 The form of an objection
672(6)
9.2.2 Negotiation of objection
678(2)
9.2.3 Commissioner's determination
680(1)
9.3 Appeals
681(24)
9.3.1 Board of Review
681(9)
9.3.2 Appeal against decision of Board of Review
690(6)
9.3.3 Direct appeal to Court of Appeal
696(1)
9.3.4 Direct appeal to Court of First Instance
696(2)
9.3.5 Judicial Review
698(7)
9.4 Provisions regarding Married Couples
705(2)
Chapter 10 Miscellaneous Matters 707(60)
10.1 Double Taxation Relief
708(1)
10.2 Exemptions
709(3)
10.3 Retirement Schemes
712(5)
10.3.1 Taxation consequences of retirement schemes
713(4)
10.4 Anti-avoidance Legislation
717(39)
10.4.1 Specific anti-avoidance
718(1)
10.4.2 Sale of loss companies
719(2)
10.4.3 General anti-avoidance provisions
721(5)
10.4.4 Sec. 61
726(2)
10.4.5 Sec. 61A
728(28)
10.4.5.1 Meaning of transaction
728(5)
10.4.5.2 Tax benefit
733(4)
10.4.5.3 Sole or dominant purpose
737(14)
10.4.5.4 Countering the tax benefit
751(3)
10.4.5.5 Case law discussion
754(2)
10.5 Advance Rulings
756(6)
10.5.1 Sch. 10, Part I
758(4)
10.5.2 Sch. 10, Part II
762(1)
10.6 Other Miscellaneous Matters
762(5)
10.6.1 Board of Inland Revenue
762(1)
10.6.2 Tax Reserve Certificates
763(2)
10.6.3 Trusts, trustees and deceased estates
765(1)
10.6.4 Notice of no objection to deregister a private company
766(1)
Chapter 11 International Aspects of Hong Kong Taxation 767(80)
11.1 Introduction
770(1)
11.2 General Principles of International Taxation
771(30)
11.2.1 Residence and source as a basis for taxation
771(1)
11.2.2 Double taxation
772(1)
11.2.3 Relief from double taxation
773(2)
11.2.4 Double taxation agreements - general
775(2)
11.2.5 Structure of double taxation agreements
777(1)
11.2.6 Overview of key provisions of double taxation agreements
778(11)
11.2.6.1 Resolving residence-residence conflicts
779(1)
11.2.6.2 Resolving source-source conflicts
780(1)
11.2.6.3 Permanent establishments
781(2)
11.2.6.4 Dividends
783(1)
11.2.6.5 Interest
783(1)
11.2.6.6 Royalties
784(1)
11.2.6.7 Employment income
784(1)
11.2.6.8 Associated enterprises
785(1)
11.2.6.9 Double tax relief
785(2)
11.2.6.10 Non-discrimination
787(1)
11.2.6.11 Mutual agreement procedure
787(1)
11.2.6.12 Exchange of information
788(1)
11.2.6.13 Mutual assistance in collection of taxes
788(1)
11.2.6.14 Other articles
789(1)
11.2.7 Anti-avoidance in an international context
789(12)
11.2.7.1 Transfer pricing
789(6)
11.2.7.2 Controlled Foreign Corporation (CFC) rules
795(3)
11.2.7.3 Thin capitalisation rules
798(2)
11.2.7.4 Treaty shopping
800(1)
11.3 Exchange of Information
801(11)
11.3.1 Exchange of Information Article (OECD MTC)
801(6)
11.3.2 Tax Information Exchange Agreements
807(2)
11.3.3 Foreign Account Tax Compliance Act (FATCA)
809(1)
11.3.4 Automatic Exchange of Information
810(2)
11.4 International Tax Aspects of Inbound Investment
812(10)
11.4.1 Carrying on business and permanent establishments
812(1)
11.4.2 Determination of assessable profits
813(1)
11.4.3 Double tax relief
814(1)
11.4.4 Financing an investment in Hong Kong
814(5)
11.4.5 Branch vs subsidiary
819(1)
11.4.6 Transfer pricing
820(2)
11.5 International Tax Aspects of Outbound Investment
822(10)
11.5.1 Assessability of foreign profits
822(2)
11.5.2 Unilateral double tax relief
824(2)
11.5.3 Bilateral double tax relief
826(2)
11.5.4 Withholding taxes
828(2)
11.5.5 Financing a foreign investment
830(1)
11.5.6 Hong Kong expenses relating to foreign investment
831(1)
11.5.7 Transfer pricing
832(1)
11.6 Hong Kong Taxation Issues for Mainland Investors into Hong Kong
832(9)
11.6.1 Choice of investment vehicle
833(1)
11.6.2 Comprehensive double taxation agreements
833(1)
11.6.3 Residence
834(1)
11.6.4 Carrying on a business and the existence of a permanent establishment
835(1)
11.6.5 Determination of assessable profits
836(2)
11.6.6 Other methods of computing profits
838(1)
11.6.7 Personal Taxation
839(2)
11.7 Base Erosion and Profit Shifting (BEPS)
841(6)
11.7.1 Causes of BEPS
842(1)
11.7.2 Effects of BEPS
843(1)
11.7.3 The BEPS action plan
844(2)
11.7.4 Other initiatives
846(1)
Chapter 12 Stamp Duty 847(50)
12.1 Legislation
849(1)
12.2 Scope of the Charge
849(1)
12.2.1 The four Heads of Charge
850(1)
12.2.2 Territorial nature of charge
850(1)
12.3 Immovable Property in Hong Kong
850(13)
12.3.1 Conveyance on sale
851(4)
12.3.2 Gifts and transfers at less than full value
855(1)
12.3.3 Agreements for the sale of property
856(3)
12.3.4 Special Stamp Duty
859(2)
12.3.5 Buyer's Stamp Duty
861(1)
12.3.6 Leases
862(1)
12.4 Hong Kong Stock
863(14)
12.4.1 Sale and purchase
864(1)
12.4.2 Exemptions
865(2)
12.4.3 Gifts and transfers at less than full value
867(1)
12.4.4 Transfers of beneficial interest other than by way of sale
867(1)
12.4.5 Stock borrowing and lending
868(2)
12.4.6 Unit trusts
870(2)
12.4.7 Alternative bond schemes
872(5)
12.5 Bearer Instruments
877(1)
12.6 Duplicates and Counterparts
877(1)
12.7 Determination of Stamping Value
877(1)
12.8 What Constitutes Consideration
878(3)
12.8.1 Debts waived and assigned
878(1)
12.8.2 Methods of calculation of monetary consideration
879(1)
12.8.3 Consideration less than market value
879(1)
12.8.4 Exchange and partition of property
879(1)
12.8.5 Contingency principle
880(1)
12.9 Adjudication
881(2)
12.9.1 Voluntary disposition inter vivos
881(1)
12.9.2 The importance of adjudication
882(1)
12.9.3 Fee for adjudication
882(1)
12.10 Exemptions and Reliefs
883(6)
12.10.1 Transactions with the Government, leases of consular premises, etc.
883(1)
12.10.2 Gifts in consideration of marriage
884(1)
12.10.3 Gifts to charitable institutions
884(1)
12.10.4 Transfers within a corporate group
884(4)
12.10.5 No change of beneficial interest
888(1)
12.11 Assessment and Payment of Stamp Duty
889(1)
12.12 Recovery of Stamp Duty
890(1)
12.13 Late Stamping
890(1)
12.14 Appeals
890(2)
12.15 Other Issues
892(5)
12.15.1 Substance over form
892(1)
12.15.2 Non-admissibility of unstamped instruments
892(1)
12.15.3 Remission of Stamp Duty by the Chief Executive
893(1)
12.15.4 Failure to disclose facts and circumstances affecting Stamp Duty
893(1)
12.15.5 Copies of instruments
893(1)
12.15.6 Electronic stamping
894(3)
Index 897
Ayesha Macpherson Lau is the Partner in charge of tax services, Hong Kong SAR, KPMG China. She started her career with KPMG in London before joining KPMG in Hong Kong in 1993. Mrs. Lau is a member of the Hong Kong Institute of Certified Public Accountants and the Institute of Chartered Accountants in England and Wales. She is a regular speaker on tax matters.

Garry Laird is a senior tax advisor with KPMG and was a tax specialist for more than thirty-five years, initially with the Australian Taxation Office before joining the Inland Revenue Department (IRD) in Hong Kong.
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