Changes in Hong Kong profits taxation system

Changes in Hong Kong profits taxation system

1 April 2018 the Inland Revenue (Amendment) Ordinance came into force in Hong Kong. The basic change is introduction of two tiered profits tax rate regime for legal entities and unincorporated businesses that receive incomes from activity in Hong Kong and/or from sources in Hong Kong. The following profits tax rates will be effective starting …

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Implementation of registers of significant controllers in Hong Kong

Implementation of registers of significant controllers in Hong Kong

It is known that the route of data flow within the automatic exchange of financial account information under the Common Reporting Standard (CRS) depends on tax residence of an account holder, which is to be declared by a customer in self-certification bank forms. The recipient of the information about a foreign bank account of a …

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Amendments to anti-money laundering and combating the financing of terrorism legislation in Hong Kong

Amendments to anti-money laundering and combating the financing of terrorism legislation in Hong Kong

Legislative authorities of Hong Kong had approved a bill that amends Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO). The changes will have effect from 1st of March 2018. The amendment changes the criteria for identification of beneficial owner of a legal entity by percent of ownership or voting rights, and establishes the requirement …

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Beneficial Ownership of Hong Kong Companies will not be available to the public

Beneficial Ownership of Hong Kong Companies will not be available to the public

The Companies (Amendment) Bill 2017 was published on 23 of June 2017 in order to combat money laundering and terrorist financing. This Bill requires Hong Kong companies to keep and maintain a register of significant controllers (PSC Register). Significantly, the Bill does not require the register to be open for public inspection. It is only …

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