Hong Kong Updates- Companies Ordinance &Taxation

Companies Ordinance

3rd March 2014 has been named as the commencement date of the new Companies Ordinance.

Although all the 90 or so new forms should be used with effect from the commencement date, as a transitional arrangement, the Companies Registry will continue to accept existing forms for a further three months (subject to exceptions).

Taxation

The Court of Final Appeal handed down a decision favouring taxpayers, clarifying the relationship between business accounting (GAAP) and tax accounting. In so doing, they confirmed that profits can only be taxed when they are actually earned and realised, even if for accounting purposes the losses have been booked.

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