No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. KPMG International provides no audit or other client services. Director of Audit's reports Inland Revenue Department. The new injection of funds will assist Osome in its vision to help company founders cope with tedious but unavoidable tasks which entrepreneurs usually outsource. Delivered to you monthly. KPMG International and its member firms are legally distinct and separate entities. Drafting and Making Legislation in Hong Kong. Click anywhere on the bar, to resend verification email. You'll receive a verification email you'll have to open and confirm the subscription. We want to make sure you're kept up to date. Appendix No. Find out how KPMG's expertise can help you and your company. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. Hong Kong: Amendments to CRS provisions Hong Kong: Amendments to CRS provisions The Inland Revenue Department announced changes to provisions of the Inland Revenue Ordinance concerning the common reporting standard (CRS) regime. The amendments (effective 1 January 2021) are applicable to reporting financial institution reports due in 2022 (that is, for 2021 calendar year information) and later. We also administer a number of social support programmes including Child Support, Working For Families Tax Credits, and Best Start. Publications and press releases of Audit Commission - The Government of the Hong Kong Special Administrative Region (HKSAR) Home; Publications and press releases ; Director of Audit's reports; Publications and press releases. To ease your load, you may think of getting help by hiring or engaging a service provider. So, you’ll soon be well acquainted with Hong Kong’s Inland Revenue Department. Wong Kuen-fai has been the Commissioner of Inland Revenue Department since 2013. Full Name Post Title Office Tel Email; Mr. TAM Tai Pang, JP: Comr of Inland Revenue (Acting) 2594 5001: Mr. LEUNG Kin Wa: Dep Comr (Operations) (Acting) 2594 5006: Ms. LEUNG Wing Chi: Dep Comr (Tech) (Acting) 2594 5002: Service Name Bureau / Department / Related Organisation Office Tel Email; Enquiry - General: Inland Revenue Department: 187 8088: … 1 (“DIPN 1”) on: (a) computing assessable profits; (b) revenue recognition under HKFRS 15 Revenue from Contracts with Customers; and (c) measurement of inventories or stock. The "TIN" shown on the Tax Return-Individuals and related Notice of Assessment is solely for login onto "eTAX" account and access to the e-services provided by the Inland Revenue Department. By when? It serves under Ministry of Finance to collect taxes in Hong Kong. The Inland Revenue Department (IRD) is the Hong Kong government department responsible for collecting taxes and duties. As your business grows, the amount of paperwork would also increase and become more time consuming. If you will be leaving Hong Kong permanently, you can withdraw your MPF before reaching the retirement age of 65. Country-by-Country (CbC) Reporting Portal is a system designated by the Commissioner under Part 9A of the Inland Revenue Ordinance (Cap.112) for Reporting Entity to submit notification and CbC Return to the Inland Revenue Department (the Department). Please take a moment to review these changes. It has no capital gains tax or dividends tax, and most interest income is tax-free. The Inland Revenue Department announced changes to provisions of the Inland Revenue Ordinance concerning the common reporting standard (CRS) regime. Inland Revenue Department Department news and history, publications and press releases, policies, tax information for businesses and individuals, public forms, electronic services, and tender notices. For more details on how the Unified Funds Tax … eTAX is the Inland Revenue Department’s online tax services. Inland Revenue Department (Hong Kong) From Wikipedia, the free encyclopedia. Latest arrangements of Inland Revenue Department's public services . Apart from profits tax, there are also salaries tax (on employees, with associated reporting obligations imposed on employers and employees and property tax (i.e. What Instances Would Businesses Need to Interact with Inland Revenue Department? Inland Revenue Department (Advertising Period Expired) Hong Kong. Company Profile Vision and Mission Board of Directors Organisation Chart Management Team Disclosure Frameworks Annual Reports. Inland Revenue Department Department news and history, publications and press releases, policies, tax information for businesses and individuals, public forms, electronic services, and tender notices. ●        Assess tax assessments and payment acknowledgement.  It is easy to use and secure. Since its reunification with China, Hong Kong has followed the principle of "one country two systems"; it practises an independent taxation system. View company profile, check out qualified supplier, trader, manufacturer, vendor, distributor information on HKTDC Sourcing . Share. Login to myIR We collect most of the revenue that the New Zealand government needs to fund its programmes. A two-tiered profits tax rate regime applies in Hong Kong, whereby the first HKD 2 million of assessable profits of a company is taxed at 8.25%, and any assessable profits in excess of that are taxed at 16.5%. Find out how. You may have started your business in Hong Kong for a few years or you’re considering moving to another location due to a high rental cost of your current registered address.So, maybe now it’s time for you to change your company registered address. ... Hong Kong Profits … Contact Details of Deputy … Since a company secretary is a must, find out why you need one, what their roles are and how best to choose one. Hong Kong: The Inland Revenue Department shares its views on certain salaries tax issues . Stay compliant with the Inland Revenue Department and prepare end-of-year financial statements in no time at all when you follow these tips for accounting accuracy of your company. The definition of “controlling person” by removing the 25% threshold (previously applicable to partnerships and trusts), The due diligence requirements to specify that in determining “controlling persons” of an account holder of a new entity account, a reporting financial institution may rely on information collected that is pursuant to the anti-money laundering or “know your customer” procedures. Part No. Such services are provided solely by member firms in their respective geographic areas. Section/Rule No. Welcome to Inland Revenue's Secure Online Services. to 4:00a.m. The IRD in HK was established on 1 April 1947. Hong Kong Interbank Clearing Limited (HKICL) is a private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB). 1000. It may take some time.” There are about 1.9 million salaries tax payers in Hong Kong. The Inland Revenue Department (IRD) in Hong Kong is the government body responsible for managing taxes and duties via eTAX and other services. All rights reserved. Related content. You may not be able to view some of the documents here during this period. The Hong Kong government has put in place a few financing schemes to support the growth of these smaller businesses through financing and loan guarantees. May think of getting help by hiring or engaging a service provider the different BIR forms there about. 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