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Wednesday, 1 March 2017
The Primasia App is on the Apple Store
Tuesday, 28 February 2017
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.
***
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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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
Saturday, 25 February 2017
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.
***
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.
***
===================================================================
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
Thursday, 19 January 2017
China Updates- New Foreign Investment Guidelines
New Foreign Investment Guidelines
A new circular on “Expanding the Opening to and Active Use of Foreign Investment” was issued on January 17th, 2017. The Guidelines are a high level set of guiding, strategic, principles to indicate its policy towards foreign investment in the medium term. Key points are:
Liberalisation of financial and accounting sectors, certain manufacturing sectors, and alternative extraction methods for traditional energy sources (e.g. shale).
As with other recent administrative changes in China, an approval system will be replaced by a record-filing system, but this will be for Sino-foreign ventures only, and in the old and gas sector only, presumably on the basis that these areas are under close state control anyway.
Most of the changes announced on January 17th are already included in the latest draft of the revised Foreign Investment Industry Catalogue.
It is also stated that China will open up in an "orderly” manner previously sensitive areas such as telecommunications, education, internet, culture industry, transportation.
Preference will be extended to foreign-invested enterprises supporting the "Made in China 2025" strategy. As one would expect, the sectors to be especially favoured are high-tech, green, logistics and other sectors which China has been trending towards in its policy tilts over recent years. Infrastructure and R&D are also favoured.
***
A new circular on “Expanding the Opening to and Active Use of Foreign Investment” was issued on January 17th, 2017. The Guidelines are a high level set of guiding, strategic, principles to indicate its policy towards foreign investment in the medium term. Key points are:
Liberalisation of financial and accounting sectors, certain manufacturing sectors, and alternative extraction methods for traditional energy sources (e.g. shale).
As with other recent administrative changes in China, an approval system will be replaced by a record-filing system, but this will be for Sino-foreign ventures only, and in the old and gas sector only, presumably on the basis that these areas are under close state control anyway.
Most of the changes announced on January 17th are already included in the latest draft of the revised Foreign Investment Industry Catalogue.
It is also stated that China will open up in an "orderly” manner previously sensitive areas such as telecommunications, education, internet, culture industry, transportation.
Preference will be extended to foreign-invested enterprises supporting the "Made in China 2025" strategy. As one would expect, the sectors to be especially favoured are high-tech, green, logistics and other sectors which China has been trending towards in its policy tilts over recent years. Infrastructure and R&D are also favoured.
***
===================================================================
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
Tuesday, 17 January 2017
Expand your business to China
Want to expand your business to China? We have decades of experience in assisting our clients set up business entities in China. Contact us today!
===================================================================
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
Thursday, 12 January 2017
Hong Kong Updates- Tax/ Minimum Wage
Tax
Certificates of residence
The Hong Kong Inland Revenue Department (“IRD”) advised that 90% (out of
3,000) applications for certificates of residence (required in order to claim tax
treaty benefits) had been approved.
However, the IRD also advised that, as the issuing of such certificates is an
administrative process, and does not exist under a statutory provision, those
applications refused would have no course to judicial review of the application.
Minimum Wage
Hong Kong’s Statutory Minimum Wage will increase from HK$32.50 per hour
to HK$34.50 per hour with effect from 1 May 2017.
To reflect the change, the related cap above which an employer is not required
to keep a written record of hours worked will also be increased (to HK$14,100
per month).
***
Certificates of residence
The Hong Kong Inland Revenue Department (“IRD”) advised that 90% (out of
3,000) applications for certificates of residence (required in order to claim tax
treaty benefits) had been approved.
However, the IRD also advised that, as the issuing of such certificates is an
administrative process, and does not exist under a statutory provision, those
applications refused would have no course to judicial review of the application.
Minimum Wage
Hong Kong’s Statutory Minimum Wage will increase from HK$32.50 per hour
to HK$34.50 per hour with effect from 1 May 2017.
To reflect the change, the related cap above which an employer is not required
to keep a written record of hours worked will also be increased (to HK$14,100
per month).
***
=================================================================
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
Thursday, 5 January 2017
Work Smarter With Xero
Happy New Year!
What would you like to achieve in the Year of 2017? Do you want your business to work smarter, faster and more cost effective? With Xero, you can!
***
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
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