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  Home > What's New > News Archives (started from April 2016)

News Archives (started from April 2016)

Title Date
Tax Representatives' Corner 31.03.2017
Suspension of Service for Filing of Tax Return - Individuals through eTAX 30.03.2017
Second instalment is falling due Tender payment promptly to avoid penalty Second instalment is falling due Tender payment promptly to avoid penalty 28.03.2017
Circular Letter to Tax Representatives – Block Extension Scheme for Lodgement of 2016/17 Tax Returns Circular Letter to Tax Representatives – Block Extension Scheme for Lodgement of 2016/17 Tax Returns 27.03.2017
Inland Revenue (Amendment) (No. 3) Bill 2017 gazetted 24.03.2017
LCQ22: Promotion of re-industrialisation and development of industries 22.03.2017
Hong Kong signs agreements with six jurisdictions on automatic exchange of financial account information in tax matters 17.03.2017
Inland Revenue (Amendment) (No.2) Bill 2017 gazetted 10.03.2017
Inland Revenue (Amendment) Bill 2017 gazetted 03.03.2017
Profits Tax Return – Fair Value Accounting 24.02.2017
Expiry of the Revenue (Reduction of Business Registration Fees) Order 2016 23.02.2017

DIPN 53   DIPN 53

The Inland Revenue Department today issued the Departmental Interpretation and Practice Notes No. 53 (“Tax Treatment of Regulatory Capital Securities”) which sets out the Department’s interpretation and practice on the application of the profits tax provisions relating to regulatory capital securities in the Inland Revenue (Amendment) (No. 2) Ordinance 2016.  The provisions clarify the profits tax treatment of regulatory capital securities issued by financial institutions to comply with Basel III capital adequacy requirements.

22.02.2017
Tax measures proposed in 2017-18 Budget 22.02.2017
2017-18 Budget - Tax Measures 22.02.2017
Hong Kong and Pakistan enter into tax pact (with photos) 17.02.2017
List of Qualifying Debt Instruments (as at 31 December 2016) 17.02.2017
Stamp Duty Relief - Transactions and Transfers of Regulatory Capital Securities Stamp Duty Relief - Transactions and Transfers of Regulatory Capital Securities 16.02.2017
LCQ22: Introduction of new ad valorem stamp duty 08.02.2017
List of Qualifying Debt Instruments (as at 31 December 2016) 03.02.2017
Stamp Duty (Amendment) Bill 2017 gazetted 27.01.2017
Suspension of Service for Filing of Tax Return - Individuals through eTAX   27.01.2017
Hong Kong and Korea sign agreement on automatic exchange of financial account information in tax matters   24.01.2017
Hong Kong and Belarus enter into tax pact (with photos) 16.01.2017
Notification of Change of Address 12.01.2017
Change of Postal Address of Employer 05.01.2017
Stock Borrowing Relief – Filing of Return of Stock Borrowing Transactions 03.01.2017
Tax is falling due Tender payment promptly to avoid penalty 28.12.2016

Country-by-Country Reporting  

Hong Kong will implement Country-by-Country Reporting for the accounting periods commencing on or after 1 January 2018, subject to necessary legislative amendments. As a transitional arrangement, parent surrogate filing will be made available for the accounting periods commencing between 1 January 2016 and 31 December 2017.

22.12.2016
Jail sentence for taxpayer falsely claiming deductions of expenses of self-education and approved charitable donations   19.12.2016

Profits Tax - Court-free Company Amalgamations 

The assessment practice in relation to court-free amalgamations has been updated to clarify the meaning of amalgamating company and amalgamated company, elaborate the tests for set-off of the tax losses carried forward in the amalgamated company or from the amalgamating company, and add examples to illustrate the application of the same trade test.

16.12.2016
HK, Romania tax treaty in force   09.12.2016
Taxpayer convicted of falsely claiming deductions of expenses of self-education and approved charitable donations   30.11.2016

DIPN 6 (Revised)   DIPN 6 (Revised)

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

28.11.2016
List of Qualifying Debt Instruments (as at 30 September 2016)   22.11.2016

Newly published Advance Ruling Cases  

(No. 59 & 60)

11.11.2016
Legislative Council Brief: Further Measure to Address the Overheated Residential Property Market Legislative Council Brief: Further Measure to Address the Overheated Residential Property Market 08.11.2016
New round of demand-side management measures to address overheated residential property market   04.11.2016
Proposed new ad valorem stamp duty (AVD) rate   04.11.2016
Consultation on measures to counter base erosion and profit shifting launched   26.10.2016
Hong Kong to commence automatic exchange of financial account information in tax matters with Japan and UK in 2018   26.10.2016
List of Qualifying Debt Instruments (as at 30 September 2016) 18.10.2016
Annual Report 2015-16 12.10.2016
Notify Inland Revenue Department promptly of change of address Notify Inland Revenue Department promptly of change of address 06.10.2016
HK, Korea tax treaty in force   30.09.2016
List of Approved Research Institutes (as at 27 September 2016)   28.09.2016
Jail sentence for two taxpayers convicted of falsely claiming deductions of home loan interest and expenses of self-education 26.09.2016
List of Approved Research Institutes (as at 19 September 2016)   20.09.2016
Two taxpayers convicted of falsely claiming deductions of home loan interest and expenses of self-education 14.09.2016

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.  

Please click here for information.

09.09.2016
Fraudulent email purportedly issued by Inland Revenue Department 09.09.2016

DIPN 52  DIPN 52

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).

09.09.2016
Newly published Advance Ruling Case No. 58   18.08.2016
List of Approved Research Institutes (as at 4 August 2016)   10.08.2016
HK, Russia tax treaty in force   05.08.2016
The Agreement between the Government of the Hong Kong Special Administrative Region of the People's Republic of China and the Government of the Russia Federation for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income has come into effect on 29 July 2016   05.08.2016
List of Qualifying Debt Instruments (as at 30 June 2016)   05.08.2016
Fraudulent email purportedly issued by Inland Revenue Department   04.08.2016
Taxpayer jailed for falsely claiming deduction of approved charitable donations 27.07.2016
Taxpayer jailed for falsely claiming expenses of self-education and approved charitable donations after review of sentence   26.07.2016
Taxpayer convicted of falsely claiming deduction of approved charitable donations   13.07.2016
Tax Obligations of Taxpayers and Employers Tax Obligations of Taxpayers and Employers 07.07.2016
Stock Borrowing Relief – Filing of Return of Stock Borrowing Transactions Stock Borrowing Relief – Filing of Return of Stock Borrowing Transactions 04.07.2016
Inland Revenue (Amendment) (No. 3) Ordinance 2016 comes into effect   30.06.2016
Tax obligations of property owners Tax obligations of property owners 16.06.2016

Revised application forms for certificate of Hong Kong resident status in respect of the Comprehensive Arrangement for the Avoidance of Double Taxation between the Mainland and Hong Kong (“the Arrangement”) will apply as from 20 June 2016  

To streamline the implementation of the Arrangement, the Mainland and Hong Kong exchanged notes on 16 March 2016 and 15 April 2016 agreeing and confirming the following administrative arrangement on certificate of Hong Kong resident status:

A Certificate of Resident Status issued by the Hong Kong competent authority to a Hong Kong resident for a particular calendar year serves as a proof of the Hong Kong resident status of the Hong Kong resident for that calendar year and the two succeeding calendar years.  Where there are changes in the Hong Kong resident’s circumstances such that the conditions for enjoying tax benefits under the Arrangement are no longer met, such issued Certificate of Resident Status cannot serve as a proof of the Hong Kong resident status after the changes.

The above administrative arrangement is effective as from 15 April 2016, and applies to all Certificates of Resident Status issued by the Hong Kong competent authority in respect of the Arrangement, including those issued before 15 April 2016.

In connection with the above administration arrangement, any person applying for a certificate of Hong Kong resident status in respect of the Arrangement has to complete the following revised forms as from 20 June 2016:
IR1313A (06/2016) – for company, partnership, trust or other body of person
IR1314A (06/2016) – for individuals

Generally, for claiming tax benefits under the Arrangement in the Mainland, where a person has been issued with a certificate of Hong Kong resident status for a particular calendar year, it would not be necessary for the person to apply for certificate of Hong Kong resident status for the two succeeding calendar years.

The revised forms can be downloaded here.

15.06.2016
Inland Revenue (Amendment) (No. 2) Ordinance 2016 gazetted   03.06.2016

Performance Pledge Annual Report 2015/16  

The Inland Revenue Department has achieved all the targets, and exceeded many, in its performance pledges in 2015/16. The Performance Pledge Annual Report 2015/16 has been uploaded to the Department’s website.

02.06.2016

DIPN 51 & DIPN 43(Revised)  

DIPN 51 DIPN 51 DIPN 43(Revised) DIPN 43(Revised)

The Inland Revenue Department today issued the Departmental Interpretation and Practice Notes No. 51 (“Profits Tax Exemption for Offshore Private Equity Funds”) which sets out the Department’s interpretation and practice in relation to the relevant provisions in the Inland Revenue (Amendment) (No. 2) Ordinance 2015.  The amendment ordinance was principally enacted to extend the profits tax exemption for offshore funds to offshore private equity funds.  The Departmental Interpretation and Practice Notes No. 43 (Revised) (“Profits Tax Exemption for Offshore Funds”) has also been updated to reflect the legislative changes brought about by the amendment ordinance.

31.05.2016
Government welcomes passage of Inland Revenue (Amendment) (No. 2) Bill 2016   19.05.2016
Tax Obligations of Taxpayers and Employers Tax Obligations of Taxpayers and Employers 19.05.2016
Suspended jail sentence and fine for taxpayer falsely claiming expenses of self-education and approved charitable donations   18.05.2016
Two orders on avoidance of double taxation agreements gazetted   13.05.2016
File Your Tax Return on time File Your Tax Return on time 12.05.2016
Information on Inland Revenue Department post office boxes available online   06.05.2016
Over 2.5 million tax returns for individuals issued   03.05.2016
Press Conference 3 May 2016 - The Gist of CIR's Speech and Major Statistics Press Conference 3 May 2016 - The Gist of CIR's Speech and Major Statistics 03.05.2016
Taxpayer convicted of falsely claiming deductions of expenses of self-education and approved charitable donations   27.04.2016
LCQ4: Handling of suspicious transaction reports   27.04.2016
High Court upholds tax evasion jail sentence   21.04.2016
List of Qualifying Debt Instruments (as at 31 March 2016)   15.04.2016
Hong Kong and Latvia enter into tax pact 13.04.2016
Employer’s Return of Remuneration and Pensions Employer’s Return of Remuneration and Pensions 11.04.2016
IRD issues tax returns for 2015-16 01.04.2016
Tax Representatives' Corner   01.04.2016

 

 

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