General Information of TAX Law in Hong Kong
Businesses and individuals could both enjoy the tax-friendly system in Hong Kong. It imposes three direct taxes only and provides generous allowances and deductions which could reduce taxpayer’s taxable amount.
There are several reasons as to why foreign investors and entrepreneurs choose Hong Kong as their preferred jurisdiction for establishing and expanding their business operations, i.e. ease of setting up and operating a business in Hong Kong, Proximity to mainland Chinese market, Highly attractive tax regime etc.
All salary earners are liable to report total income in Tax Return – Individuals form. You can be charged salaries tax for your income arising in or derived from any employment, office, and pension in Hong Kong. Besides, Personal assessment may advantage to you if you have income that is chargeable to profits tax and property tax.
Profits tax is payable by every company carrying on a trade, profession or business in Hong Kong on profits arising in or derived from Hong Kong from that trade, profession or business. Profits which have a foreign source (often termed “offshore profits”) are thus generally beyond the territorial scope of Hong Kong’s taxation system, including those derived.
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