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.
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.
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.
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.
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.
The rate of the Hong Kong Business Registration ("BR") Fee is HKD 2,250 with effect from 1st April 2017 to 31st March 2018.
For business or branch registration certificates which commence on or after 1st April 2017, the prescribed business registration fee or the prescribed branch registration fee, will be payable together with the levy.
Expiry of the Revenue (Reduction of Business Registration Fees) Order 2016
[ 24th February 2017 ]
HK Inland Revenue Department: Business Registration Fee and Levy Table
[ 24th February 2017 ]
Purchase a Ready-made company which is incorporated between 1st January 2017 and 31st March 2017 still can enjoy the government discounted rate of BR.
Source : The 2017-18 Budget (http://www.budget.gov.hk/2017/eng/io.html)