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22-Aug-2011

Over the last year Hong Kong  business representatives are considering the possibility of reducing the tax burden on domestic enterprises and foreign companies operating in Hong Kong, SAR.

According to the business representatives the lowering of profit tax rate to 15% (effective rate is 16,5%) is necessary  firstly to reduce the tax burden on small and medium sized businesses as well as to enhance the Hong Kong competitive advantages compared to neighboring regions.

26-Jul-2011

The fee payable for Business Registration Certificate is 2,450 HKD (approx. 320 USD) since 1st August, 2011.

By the Revenue Order 2010 the fee payable in respect of business registration of Hong Kong companies was reduced to a sum HKD 450 (approx. 60 USD).

This measure was imposed in order to set more attractive terms for registration of companies in comparison with other jurisdictions.

In fact there is no increase of BR fee rate as well but the reverse to the rates prevail before.

In accordance to this we changed our price-list since 1st of August, 2011.

17-Jul-2011

The number of companies registered under the Companies Ordinance has passed 900,000. The total number of live local companies registered was 912,242 as at the end of June 2011.

A total of 77,991 new local companies were registered during the first half of 2011, representing an increase of 15.25 per cent from 67,669 in the first half of 2010.

07-Jun-2011

Hong Kong signs tax treaty with Czech Republic. This is the 21st comprehensive agreement for the avoidance of double taxation (CDTA) concluded by Hong Kong with its trading partners.

In the absence of a CDTA, profits of Czech companies doing business through a branch in Hong Kong are fully taxed in both places. Under the agreement, tax paid in Hong Kong will be allowed as a credit against Czech tax payable.

13-May-2011

Five orders on avoidance of double taxation agreements gazetted. Five orders made by the Chief Executive in Council under the Inland Revenue Ordinance were gazetted today. The orders implement the agreements with Liechtenstein, France, Japan and New Zealand, and the Protocol to the Agreement with Luxembourg for the avoidance of double taxation and the prevention of fiscal evasion.

The Protocol to the Agreement with Luxembourg upgrades the Exchange of Information Article in the Agreement to the 2004 version of the Organisation for Economic Co-operation and Development.

01-Apr-2011

Hong Kong signs tax treaty with Spain. This is the 20th comprehensive agreement for the avoidance of double taxation (CDTA) concluded by Hong Kong with its trading partners.

In the absence of a CDTA, income earned by Spanish residents in Hong Kong are subject to both Hong Kong and Spanish income tax. Profits of Spanish companies doing business through a branch in Hong Kong are fully taxed in both places. Under the agreement, tax paid in Hong Kong will be allowed as a credit against Spanish tax payable.

22-Mar-2011

Hong Kong and Portugal sign tax pact. Hong Kong today signed an agreement with Portugal for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

The CDTA sets out clearly the allocation of taxing rights between the two jurisdictions and the relief on tax rates on different types of passive income.

24-Feb-2011

The Agreement between the Government of  Hong Kong and the Government of the Republic of Hungary for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income has come into effect on 23 February 2011.

The Agreement was formally signed on 12 May 2010 and shall have effect in Hong Kong, according to paragraph 2 of Article 26 of the Agreement, for any year of assessment beginning on or after 1 April 2012.

17-Feb-2011

The Agreement between the Government of  Hong Kong and the Government of Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income  has come into effect on 10 February 2011.

The Agreement was formally signed on 22 June 2010 and shall have effect in Hong Kong, according to paragraph 2 of Article 26 of the Agreement, for any year of assessment beginning on or after 1 April 2012.

07-Feb-2011

One-stop Company and Business Registration

Starting from 21 February 2011, the Companies Registry (“Registry”) and the IRD jointly launch a one-stop company and business registration service.  Under this new registration regime, companies will only require to lodge one single application for both company and business registration.

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