The Departmental Interpretation and Practice Notes No. 6 (Revised) has been updated to reflect the legislative changes brought about by the Inland Revenue (Amendment) (No. 3) Ordinance 2015 which commenced on 1 April 2016. This Practice Note covers the provisions of the Inland Revenue Ordinance in relation to:
(A) Objections to the Commissioner
(B) Appeals to the Board of Review
(C) Appeals to the Courts
Hong Kong has now legislation in place for implementing automatic exchange of financial account information (AEOI). The Department has to ensure that financial institutions comply with their obligations under the relevant legislation. Some reference materials on AEOI have been uploaded onto the Department’s website today to provide guidance for financial institutions and other relevant parties.
The Inland Revenue Department today issued the Departmental Interpretation and Practice Notes No. 52 (“Taxation of Corporate Treasury Activity”) which sets out the Department’s interpretation and practice in relation to the relevant provisions in the Inland Revenue (Amendment) (No. 2) Ordinance 2016. The Practice Note explains the conditions under which interest deduction claims could be allowed by virtue of section 16(2)(g) of the Inland Revenue Ordinance and how a corporate treasury centre can obtain the half rate concession under section 14D(1).