Primasia Corporate Services Limited: July 2012

Wednesday, 25 July 2012

China Updates- Personal Tax

Personal tax

A State Administration of Taxation notice issued in June allows for preferential individual income tax treatment for Hong Kong and Macau residents working in China. This may in include time apportionment of salary income.

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Primasia will post the updates of Hong Kong and China from time to time. Follow us on our Website/ Blogger/ LinkedIn and stay tunned for our updates!

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Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email
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Website: Primasia HK / Primasia China
LinkedIn: Primasia
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Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Tuesday, 24 July 2012

Hong Kong Updates- Tax

Tax

The Court of Appeal confirmed that unrealised gains are not chargeable to profits tax (under Section 14 of the Inland Revenue Ordinance).

New legislation:

(i) The Competition Bill received its final reading in LegCo and will become law, largely unchanged. It includes two ‘Conduct Rules’, which prohibit (1) agreements and behaviour which restrict competiton in Hong Kong and (2) abuse of substantial market power with the same effect. Fines (amongst other penalties) can be up to 10% of the turnover of the group of which the offending company is a part.

(ii) The Mediation Ordinance which aims to encourage mediation for the resolution of disputes in Hong Kong enhancing existing rules requiring arbitration to be attempted prior to commencing court proceedings.

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Primasia will post the updates of Hong Kong and China from time to time. Follow us on our Website/ Blogger/ LinkedIn and stay tunned for our updates!

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