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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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Business Registration Fees for HK companies 2017/18

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.

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.

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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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).

HK Implementation of Two-Tiered Profits Tax Rate Regime   Read more

Arrangement on AEOI between Mainland and HKSAR in force   Read more