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E-raamat: Hong Kong Taxation

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  • Formaat: 944 pages
  • Ilmumisaeg: 01-Jan-2015
  • Kirjastus: The Chinese University Press
  • ISBN-13: 9789629969646
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Hong Kong TaxationSuurem pilt
  • Formaat: 944 pages
  • Ilmumisaeg: 01-Jan-2015
  • Kirjastus: The Chinese University Press
  • ISBN-13: 9789629969646
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The book covers the major areas of Hong Kong taxationProperty Tax, Salaries Tax, Profits Tax, Personal Assessment and Stamp Duty. It explains the principles and practice of taxation law with relevant tax cases, Board of Review decisions and contains numerous practical examples. The current edition includes the 2013-14 budget changes and the latest developments in taxation. Included in the chapter which examines international tax issues is a new section on Hong Kong taxation issues for Mainland investors into Hong Kong.

Originally written by David Flux, the book is updated annually by experienced tax professionals of KPMG, an international network of member firms offering audit, tax and advisory services. The text is written in a clear and concise manner. Technical jargon is kept to a minimum. It is a quick and easy reference with Court cases, Board of Review decisions and relevant sections of the Inland Revenue Ordinance, Inland Revenue Rule and Stamp Duty Ordinance are indexed for quick and easy reference.
Acknowledgement xvi
Preface to 2013--14 Edition xvii
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(1)
3.3.2 Employment income
61(8)
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(1)
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(602)
3.5.7 Retirement scheme contributions
756
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(601)
3.7.3 Provisional Salaries Tax
769
3.8 Other Issues
172(19)
3.8.1 Treatment of payments to service companies and trusts
772
3.8.2 Tax on tax
180(3)
3.8.3 Taxation of married couples
183(3)
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(332)
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(161)
4.5.1 When income and profit arises
278(8)
4.5.2 Treatment of capital profits
286(9)
4.5.3 Other excluded profits
295(17)
4.5.4 Amounts deemed taxable
312(20)
4.5.5 Expenditure --- general deductibility rules
332(8)
4.5.6 When expenditure is incurred
340(5)
4.5.7 Expenditure --- capital v revenue
345(8)
4.5.8 Expenditure deemed deductible
353(32)
4.5.9 Deductibility of interest and related expenses
385(1)
4.5.9.1 Interpretation of Sec. 16(1)(a)
386(4)
4.5.9.2 Provisions of Sec. 16(2) --- Prior to 25 June 2004
390(5)
4.5.9.3 Provisions of Sec. 16(2) --- From 25 June 2004
395(7)
4.5.10 Expenditure deemed non-deductible
402(5)
4.5.11 Payments to "service companies"
407(6)
4.5.12 Trading stock and work-in-progress
413(5)
4.5.13 Pre-commencement expenditure
418(1)
4.5.14 Post-cessation receipts and payments
419(1)
4.5.15 Apportionment of expenses
420(4)
4.5.16 Losses
424(2)
4.5.16.1 Losses involving taxpayers deriving concessionary trading receipts
426(3)
4.5.16.2 Individuals
429(1)
4.5.16.3 Corporations and other persons
430(1)
4.5.16.4 Partnerships --- general
431(1)
4.5.16.5 Limited Partnerships --- loss limitation
431(2)
4.5.16.6 Trustees
433(2)
4.6 Basis of Assessment
435(13)
4.6.1 Normal basis
436(1)
4.6.2 Commencement
436(2)
4.6.3 Cessation
438(5)
4.6.4 Change of accounting date
443(4)
4.6.5 Apportionment
447(1)
4.7 Special Classes of Business
448(53)
4.7.1 Life insurance corporations
448(6)
4.7.2 Non-life insurance corporations
454(3)
4.7.3 Shipping and aircraft businesses --- general
457(1)
4.7.4 Shipowning businesses
458(7)
4.7.5 Resident aircraft-owning businesses
465(8)
4.7.6 Non-resident aircraft-owning businesses
473(1)
4.7.7 Financial institutions
474(6)
4.7.8 Clubs and trade associations
480(2)
4.7.9 Partnerships
482(5)
4.7.10 Alternative bond schemes
487(14)
4.8 Non-residents
501(16)
4.8.1 Non-residents carrying on business in Hong Kong
502(4)
4.8.2 Goods on consignment
506(1)
4.8.3 Hong Kong agents
507(4)
4.8.4 Payers other than agents
511(4)
4.8.5 Arm's length pricing
515(2)
4.9 Assessment and Payment of Tax
517(6)
Chapter 5 Depreciation Allowances
523(60)
5.1 Legislation
525(1)
5.2 Scope of the Reliefs
525(1)
5.3 Industrial Buildings
526(13)
5.3.1 Qualifying expenditure
526(7)
5.3.2 Initial allowance
533(1)
5.3.3 Annual allowance
533(3)
5.3.4 Balancing allowances and charges
536(3)
5.4 Commercial Buildings (For years of assessment prior to 1998/99)
539(1)
5.4.1 Qualifying expenditure
539(1)
5.4.2 Allowances
540(1)
5.5 Commercial Buildings (For 1998/99 and subsequent years of assessment)
540(4)
5.5.1 Annual allowances
541(2)
5.5.2 Balancing allowances and charges
543(1)
5.6 Expenditure Qualifying as Plant and Machinery
544(5)
5.7 Plant and Machinery Allowances (General)
549(1)
5.8 Plant and Machinery Allowances (Pooling System)
550(7)
5.8.1 Initial allowance
550(1)
5.8.2 Annual allowance
550(4)
5.8.3 Balancing allowance/charge
554(3)
5.9 Plant and Machinery Allowances (Non-Pooling System)
557(8)
5.9.1 Initial allowance
558(1)
5.9.2 Annual allowance
559(3)
5.9.3 Balancing allowance/charge
562(3)
5.10 Leasing
565(14)
5.10.1 When is a lease not a lease?
566(3)
5.10.2 Sale and leaseback
569(4)
5.10.3 Leveraged leases --- general
573(1)
5.10.4 Non-recourse debt
574(1)
5.10.5 Leveraged leases --- ships or aircraft
574(3)
5.10.6 Leveraged leases --- machinery or plant other than ships or aircraft
577(2)
5.11 Miscellaneous Points Relating to Depreciation Allowances
579(4)
5.11.1 Basis periods
579(1)
5.11.2 Apportionment
580(1)
5.11.3 Commissioner's powers to determine cost or value of asset
580(3)
Chapter 6 Personal Assessment
583(30)
6.1 Legislation
584(1)
6.2 The Purpose of Personal Assessment
584(1)
6.3 Persons Who Qualify
585(3)
6.4 The Election
588(2)
6.5 Computation of Total Income
590(4)
6.6 Personal Allowances
594(14)
6.6.1 Basic allowance (Sec. 28)
595(1)
6.6.2 Married person's allowance (Sec. 29)
595(1)
6.6.3 Child allowance (Sec. 31)
596(1)
6.6.4 Dependent parent allowance (Sec. 30)
597(3)
6.6.5 Dependent grandparent allowance (Sec. 30A)
600(3)
6.6.6 Disabled dependent allowance (Sec. 31A)
603(3)
6.6.7 Dependent brother or dependent sister allowance (Sec. 30B)
606(1)
6.6.8 Single parent allowance (Sec. 32)
607(1)
6.7 The Charge to Tax
608(5)
Chapter 7 Returns and Information to Be Supplied, Penalties
613(32)
7.1 Legislation
614(1)
7.2 Returns and Information
614(12)
7.2.1 Returns --- general
614(3)
7.2.2 Persons responsible
617(1)
7.2.3 Returns by employers
618(1)
7.2.4 Information
619(2)
7.2.5 Statement of assets and liabilities
621(2)
7.2.6 Search warrants
623(2)
7.2.7 Business records
625(1)
7.3 Service of Notices
626(1)
7.4 Penalties
627(18)
7.4.1 Omissions, failure to make returns, etc.
629(4)
7.4.2 Penalty assessments (additional tax)
633(8)
7.4.3 Fraud and wilful evasion
641(2)
7.4.4 Miscellaneous
643(2)
Chapter 8 Assessments and Payment of Tax
645(22)
8.1 Legislation
646(1)
8.2 The Power to Assess
646(6)
8.2.1 General
646(2)
8.2.2 Estimated assessments
648(1)
8.2.3 Personal assessment
649(1)
8.2.4 Additional assessments
650(2)
8.3 Notices of Assessment
652(1)
8.4 Payment of Tax
653(3)
8.5 Recovery of Tax
656(3)
8.5.1 District Court procedure
656(1)
8.5.2 Collection from debtor of taxpayer
657(1)
8.5.3 Detention of defaulters leaving Hong Kong
658(1)
8.5.4 Impounding ships or aircraft
659(1)
8.6 Repayment of Tax
659(1)
8.7 Assessments Final and Conclusive
660(7)
8.7.1 Error or omission claim (Sec. 70A)
661(6)
Chapter 9 Objections and Appeals
667(34)
9.1 Legislation
668(1)
9.2 Objections
668(7)
9.2.1 The form of an objection
668(5)
9.2.2 Negotiation of objection
673(1)
9.2.3 Commissioner's determination
674(1)
9.3 Appeals
675(24)
9.3.1 Board of Review
675(9)
9.3.2 Appeal against decision of Board of Review
684(6)
9.3.3 Direct appeal to Court of Appeal
690(1)
9.3.4 Direct appeal to Court of First Instance
690(2)
9.3.5 Judicial Review
692(7)
9.4 Provisions regarding Married Couples
699(2)
Chapter 10 Miscellaneous Matters
701(60)
10.1 Double Taxation Relief
702(1)
10.2 Exemptions
703(3)
10.3 Retirement Schemes
706(5)
10.3.1 Taxation consequences of retirement schemes
707(4)
10.4 Anti-avoidance Legislation
711(39)
10.4.1 Specific anti-avoidance
772
10.4.2 Sale of loss companies
713(2)
10.4.3 General anti-avoidance provisions
715(5)
10.4.4 Sec. 61
720(2)
10.4.5 Sec. 61A
722(1)
10.4.5.1 Meaning of transaction
722(5)
10.4.5.2 Tax benefit
727(4)
10.4.5.3 Sole or dominant purpose
731(14)
10.4.5.4 Countering the tax benefit
745(3)
10.4.5.5 Case law discussion
748(2)
10.5 Advance Rulings
750(6)
10.5.1 Sch. 10, Part I
752(4)
10.5.2 Sch. 10, Part II
756(1)
10.6 Other Miscellaneous Matters
756(5)
10.6.1 Board of Inland Revenue
756(1)
10.6.2 Tax Reserve Certificates
757(2)
10.6.3 Trusts, trustees and deceased estates
759(1)
10.6.4 Notice of no objection to deregister a private company
760(1)
Chapter 11 International Aspects of Hong Kong Taxation
761(72)
11.1 Introduction
764(1)
11.2 General Principles of International Taxation
765(36)
11.2.1 Residence and source as a basis for taxation
765(1)
11.2.2 Double taxation
766(1)
11.2.3 Relief from double taxation
767(2)
11.2.4 Double taxation agreements --- general
769(8)
11.2.5 Structure of double taxation agreements
777
11.2.6 Overview of key provisions of double taxation agreements
772(1)
11.2.6.1 Resolving residence-residence conflicts
773(1)
11.2.6.2 Resolving source-source conflicts
774(1)
11.2.6.3 Permanent establishments
775(2)
11.2.6.4 Dividends
777(1)
11.2.6.5 Interest
777(1)
11.2.6.6 Royalties
778(1)
11.2.6.7 Employment income
778(1)
11.2.6.8 Associated enterprises
779(1)
11.2.6.9 Double tax relief
779(2)
11.2.6.10 Non-discrimination
781(1)
11.2.6.11 Mutual agreement procedure
781(1)
11.2.6.12 Exchange of information
782(6)
11.2.6.13 Mutual assistance in collection of taxes
788(1)
11.2.6.14 Other articles
788(1)
11.2.7 Anti-avoidance in an international context
789(1)
11.2.7.1 Transfer pricing
789(5)
11.2.7.2 Controlled Foreign Corporation (CFC) rules
794(3)
11.2.7.3 Thin capitalisation rules
797(2)
11.2.7.4 Treaty shopping
799(2)
11.3 Tax Information Exchange Agreements
801(2)
11.4 International Tax Aspects of Inbound Investment
803(10)
11.4.1 Carrying on business and permanent establishments
803(1)
11.4.2 Determination of assessable profits
804(1)
11.4.3 Double tax relief
805(1)
11.4.4 Financing an investment in Hong Kong
805(4)
11.4.5 Branch vs subsidiary
809(2)
11.4.6 Transfer pricing
811(2)
11.5 International Tax Aspects of Outbound Investment
813(10)
11.5.1 Assessability of foreign profits
813(2)
11.5.2 Unilateral double tax relief
815(1)
11.5.3 Bilateral double tax relief
816(3)
11.5.4 Withholding taxes
819(2)
11.5.5 Financing a foreign investment
821(1)
11.5.6 Hong Kong expenses relating to foreign investment
822(1)
11.5.7 Transfer pricing
823(1)
11.6 Hong Kong Taxation Issues for Mainland Investors into Hong Kong
823(10)
11.6.1 Choice of investment vehicle
823(1)
11.6.2 Comprehensive double taxation agreements
824(1)
11.6.3 Residence
825(1)
11.6.4 Carrying on a business and the existence of a permanent establishment
826(1)
11.6.5 Determination of assessable profits
827(2)
11.6.6 Other methods of computing profits
829(1)
11.6.7 Personal Taxation
830(3)
Chapter 12 Stamp Duty
833(48)
12.1 Legislation
835(1)
12.2 Scope of the Charge
835(1)
12.2.1 The four Heads of Charge
836(1)
12.2.2 Territorial nature of charge
836(1)
12.3 Immovable Property in Hong Kong
836(13)
12.3.1 Conveyance on sale
837(4)
12.3.2 Gifts and transfers at less than full value
841(1)
12.3.3 Agreements for the sale of residential property
841(4)
12.3.4 Special Stamp Duty
845(3)
12.3.5 Leases
848(1)
12.4 Hong Kong Stock
849(13)
12.4.1 Sale and purchase
850(7)
12.4.2 Exemptions
857
12.4.3 Gifts and transfers at less than full value
853(1)
12.4.4 Transfers of beneficial interest other than by way of sale
853(1)
12.4.5 Stock borrowing and lending
854(2)
12.4.6 Unit trusts
856(2)
12.4.7 Alternative bond schemes
858(4)
12.5 Bearer Instruments
862(1)
12.6 Duplicates and Counterparts
863(1)
12.7 Determination of Stamping Value
863(1)
12.8 What Constitutes Consideration
864(3)
12.8.1 Debts waived and assigned
864(1)
12.8.2 Methods of calculation of monetary consideration
865(1)
12.8.3 Consideration less than market value
865(1)
12.8.4 Exchange and partition of property
865(1)
12.8.5 Contingency principle
866(1)
12.9 Adjudication
867(2)
12.9.1 Voluntary disposition inter vivos
867(1)
12.9.2 The importance of adjudication
868(1)
12.9.3 Fee for adjudication
868(1)
12.10 Exemptions and Reliefs
869(5)
12.10.1 Transactions with the Government, leases of consular premises, etc.
869(1)
12.10.2 Gifts in consideration of marriage
869(1)
12.10.3 Gifts to charitable institutions
869(1)
12.10.4 Transfers within a corporate group
870(4)
12.10.5 No change of beneficial interest
874(1)
12.11 Assessment and Payment of Stamp Duty
874(1)
12.12 Recovery of Stamp Duty
875(1)
12.13 Late Stamping
876(1)
12.14 Appeals
876(1)
12.15 Other Issues
877(4)
12.15.1 Substance over form
877(1)
12.15.2 Non-admissibility of unstamped instruments
878(1)
12.15.3 Remission of Stamp Duty by the Chief Executive
878(1)
12.15.4 Failure to disclose facts and circumstances affecting Stamp Duty
878(1)
12.15.5 Copies of instruments
879(1)
12.15.6 Electronic stamping
879(2)
Index 881
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