China Updates- Tax

A quiet month in China, business and tax changewise.

Tax
Good news for teachers: the existing exemption from Individual Income Tax under Double Tax Agreements has been extended to a wider range of schools.


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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

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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

Hong Kong Updates- Budget

Budget


What should or could have been big news turned into the usual damp squib. Hong Kong’s surplus was once again grossly underestimated. (How hard can it be when, as announced in the budget speech, a tax policy unit is being set up to comprehensively examine Hong Kong’s narrow tax base?)

Personal income tax remains at 15%, and corporate tax remains at 16.5%. Key allowances (personal, married person’s, etc.) remain unchanged.

The new Financial Secretary, like his predecessor, decided in the name of prudence to avoid doing virtually anything with the huge surplus which Hong Kong enjoys year after year. Save, of course, for the now standard populist - or is it condescending? -  practice of giving one-off moderate tax rebates.


***

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!

===================================================================

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