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The Inland Revenue Department (IRD) is the Hong Kong government department responsible for collecting taxes and duties. History [ edit ] The Inland Revenue Department was established on 1 April 1947.
Inland Revenue Ordinance. Inland Revenue Ordinance. Legislative Council of Hong Kong. Long title. An Ordinance to impose a tax on property, earnings and profits. Citation. Cap. 112. Enacted by. Legislative Council of Hong Kong.
Under Article 108 of the Basic Law of Hong Kong, the taxation system in Hong Kong is independent of, and different from, the taxation system in mainland China. In addition, under Article 106 of the Hong Kong Basic Law, Hong Kong has independent public finance, and no tax revenue is handed over to the Central Government in China.
In Hong Kong, profits tax is an income tax chargeable to business carried on in Hong Kong. Applying the territorial taxation concept, only profits sourced in Hong Kong are taxable in general. Capital gains are not taxable in Hong Kong, although it is always arguable whether an income is capital in nature. The persons chargeable to profits tax ...
Partnership taxation in Hong Kong is the taxation of the profits or losses generated by partnership business entities. First, these profits or losses of the partnership are assessed according to the Hong Kong Inland Revenue Ordinance, Chapter 112, section 22. After assessment, then said profits or losses flow through the partnership to the ...
Goepfert case. Commissioner of Inland Revenue v George Andrew Goepfert, [1] also known as the Goepfert case, is a leading Hong Kong tax case, affecting jurisprudence relating to the territory's salaries tax .
Salaries tax is a type of income tax that is levied in Hong Kong, chargeable on income from any office, employment and pension for a year of assessment arising in or derived from the territory. For purposes of calculating liability, the period of assessment is from April 1 to March 31 of the following year. Salaries tax is also charged on the ...
The goods and services tax (GST) was a proposed value-added tax in Hong Kong. Consultation over a period of nine months was launched on 19 July 2006 and stirred considerable controversy. It launched a fierce debate amongst local taxpayers, lawmakers, journalists, politicians, who hotly debated the need for the tax, and the shape any taxes ...