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Waiving business registration fees for 2019/20

The Financial Secretary proposed in his 2019-20 Budget to waive business registration fees for one year, starting from 1 April 2019. By the proposal, the fees payable in respect of business registration certificates and branch registration certificates that commence on or after 1 April 2019 but before 1 April 2020 will be reduced by a sum of HKD 2,000 and HKD 73 respectively. Taking into account of the proposal, Hong Kong Inland Revenue Department ("HKIRD") has not demanded the registration fee for the above period in the renewal certificate and demand note for the business or branch. Levy still remains payable.

Please note that the above proposal requires enactment of legislative amendments before it can be effected. In the event that the relevant legislative amendment is not passed or is amended by the Legislative Council, HKIRD would notify the proper amount payable for the business or branch.

Tax Deduction under the Voluntary Health Insurance Scheme in Hong Kong

The Legislative Council passed the Inland Revenue (Amendment) (No. 4) Bill 2018 (hereafter namely “Amendment Bill”) on 31 October 2018. The Amendment Bill gives effect to tax deduction under Salaries Tax and Personal Assessment to the taxpayer who purchase eligible health insurance products for themselves or their specified relatives under the Voluntary Health Insurance Scheme (“VHIS”) commencing from 1 April 2019.

Please refer to details from the enclosed leaflets regarding VHIS and tax deduction.

Official website of Food and Health Bureau

Official website of the IRD

Arrangement on automatic exchange of financial account information in tax matters between Mainland and HKSAR in force

An arrangement between the Mainland and Hong Kong for conducting automatic exchange of financial account information in tax matters ("AEOI") came into effect on 6th September 2018.

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Implementation of Two-Tiered Profits Tax Rate Regime

Following the passing of the Companies (Amendment) Bill 2017 on 24 January 2018, Hong Kong companies are required to obtain and maintain up-to-date beneficial ownership information through keeping a Significant Controllers Register (“SCR”) with effective from 1 March 2018 for internal records and inspection by law enforcement officers upon demand.

The two-tiered profits tax rate regime will apply to both corporations and unincorporated business commencing from the year of assessment 2018/19.

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Designated Representative of Hong Kong Company

The Significant Controllers Register ("SCR") of a company must contain the name and contact information of the Designated Representative ("DR") as its representative to provide assistance relating to the company’s SCR to a law enforcement officer.

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Maintain a significant controllers register

The Inland Revenue (Amendment) (No. 3) Ordinance 2018 (the Ordinance) was gazetted on 29 March 2018 to implement the two-tiered profits tax rates regime announced in the 2017 Policy Address.

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Hong Kong 2017-18 Budget Summary

Source : The 2017-18 Budget (http://www.budget.gov.hk/2017/eng/io.html)

  • Forecast GDP growth in real terms at 3% to 4%
  • Forecast headline inflation is 2.2% and underlying inflation is 2.5%

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NOTICE
Holiday Notice: The first day of January 2019
Please note that Atrix will be closed on 1 January (Tuesday), and our service to be resumed on 2 January (Wednesday).

Waiving business registration fees for 2019/20
In Hong Kong 2019-20 Budget, the Financial Secretary proposed a waiver of 2019/20 business registration fees of HKD 2,000.   Read more

The Hong Kong 2019-20 Budget Summary
The Financial Secretary of the HKSAR Government will provide new resources ready for use of about HKD 150 billion in the 2019-20 Hong Kong Budget, with additional resources earmarked for various purposes.   Read more