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Monday, 31 October 2016
Our New Mobile-Friendly Website Is Live!
Thursday, 13 October 2016
Hong Kong Updates- e-Monitoring of Company Records/ BEPS (Base Erosion and Profit Shifting)/ Tax Credits
e-Monitoring of Company Records
Hong Kong's Companies Registry now offers an e-monitoring service (at its e-Registry), enabling customers who subscribe to monitor the updating of company information for their own, or indeed others', companies. When a document is registered in the public records of a company specified by the subscriber to this service, a notification will be sent by e-mail. The customer may then, if they wish, order an image of the document.
Primasia Corporate Services Ltd. will be happy to assist its clients in registering for this service.
BEPS (Base Erosion and Profit Shifting)
Hong Kong's Inland Revenue Department (IRD) has issued, for public consultation and comment, proposals for Hong Kong's adoption of BEPS, the OECD's project to reduce tax avoidance by moving profits artificially from one jurisdiction to another, following China's issue of its own guidelines earlier in the year. (China's guidelines are effectively an update of the transfer pricing rules and tools adopted in its major reform of the tax system several years ago.)
The consultation period ends on December 31st, 2016 and, “to meet the OECD's requirement, our current target is to introduce the relevant amendment bill or bills into the Legislative Council in mid-2017" according to the Secretary for Financial Services and the Treasury.
Tax Credits
The IRD has also proposed an extension for the time allowed to claim a tax credit from 2 years to 6 years.
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Hong Kong's Companies Registry now offers an e-monitoring service (at its e-Registry), enabling customers who subscribe to monitor the updating of company information for their own, or indeed others', companies. When a document is registered in the public records of a company specified by the subscriber to this service, a notification will be sent by e-mail. The customer may then, if they wish, order an image of the document.
Primasia Corporate Services Ltd. will be happy to assist its clients in registering for this service.
BEPS (Base Erosion and Profit Shifting)
Hong Kong's Inland Revenue Department (IRD) has issued, for public consultation and comment, proposals for Hong Kong's adoption of BEPS, the OECD's project to reduce tax avoidance by moving profits artificially from one jurisdiction to another, following China's issue of its own guidelines earlier in the year. (China's guidelines are effectively an update of the transfer pricing rules and tools adopted in its major reform of the tax system several years ago.)
The consultation period ends on December 31st, 2016 and, “to meet the OECD's requirement, our current target is to introduce the relevant amendment bill or bills into the Legislative Council in mid-2017" according to the Secretary for Financial Services and the Treasury.
Tax Credits
The IRD has also proposed an extension for the time allowed to claim a tax credit from 2 years to 6 years.
***
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Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email
--------------------------
Follow us on:
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
Wednesday, 12 October 2016
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***
***
===================================================================
Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email
--------------------------
Follow us on:
Website: Primasia HK / Primasia China
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong
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