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. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. The Inland Revenue Department (IRD) is the Hong Kong government department responsible for collecting taxes and duties. What Is the Inland Revenue Department’s Role and What Are Its Services? 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: … At this point, it might be sensible to find an accountant for your small business. Office Tel: 187 8088: Email What Instances Would Businesses Need to Interact with Inland Revenue Department? Before you begin your tax planning, you need to be familiar with Hong Kong’s tax regime. 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 ... (Leaving Hong Kong and Special Due Date Section) Division Special Duties. Click anywhere on the bar, to resend verification email. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. This is also how the government earns revenue to fund its activities of governing the country. Find out what a Special Purpose Vehicle or SPV is, and what are the things you need to have to set up this entity in Hong Kong. 1000. In June, 2020 the Inland Revenue Department ("IRD") issued Departmental Interpretation and Practice Note 61 (" ... Thirdly, OFCs receive exemptive relief for a wider range of investments, meaning that Hong Kong based OFCs may be exempt from Hong Kong profits tax in circumstances where traditional Cayman SPC structures may not be. Such "TIN" is NOT used as a tax identifier of Hong Kong tax resident and therefore should not be provided for automatic exchange of financial account information purposes. From 1991 until today, its headquarters is at the Revenue Tower in Wanchai. All rights reserved, A 4 Minute Guide to the Inland Revenue Department in Hong Kong. Related content. These are some of the services that Hong Kong’s IRD provides: ●        Assessment of Tax Returns; ●        Issue of Tax Returns to First-time Taxpayers; ●        Tax Audit and Investigation; At the very start of a company’s life stage, it needs to register with the Inland Revenue Department of Hong Kong. About HKICL . Tips to run your business smarter. A constant part of running a company is paying taxes on income and profits earned in Hong Kong. Report No. Public dance-halls tax, interest tax, entertainment tax, estate duty and hotel accommodation tax have since all been waived. Since the Common Law System is applied in Hong Kong, judgements by the Courts and Boards of Review in tax law cases are resorted to assist the interpretation of taxation rules and concepts. 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. In the early days, the Inland Revenue Ordinance was the only legislation administered by the Department, covering salaries tax, property tax, interest tax and profits tax. Find out how. 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%. KPMG International provides no audit or other client services. Does my company have to file this form? Interpretation of Bilingual Legislation; Is It in Operation? Part No. Inland Revenue Department. Osome Ltd. address in Hong Kong:Unit 1603, 16th Floor,The L. Plaza, 367 - 375Queen’s Road Central,Sheung Wan, Hong KongContact us, Copyright © 2018 - 2020 Osome Ltd (TCSP Licence No: TC006825), Hong Kong. We’ll take you through the different BIR forms there are and how to file them. Since a company secretary is a must, find out why you need one, what their roles are and how best to choose one. DMOZ Information: Inland Revenue Department Department news and history, publications and press releases, policies, tax information for businesses and individuals, public … All rights reserved. Typically, a company’s financial statements will have to be filed with the return. Only business profits, salaries and wages, and property rental income are subject to tax. The KPMG logo and name are trademarks of KPMG International. H.M.W.C. Since its reunification with China, Hong Kong has followed the principle of "one country two systems"; it practises an independent taxation system. Find out how KPMG's expertise can help you and your company. Our privacy policy has been updated since the last time you logged in. The Inland Revenue Department is responsible for the overall … Contact Supplier. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. It would be useful for you to get to know these are other features of the IRD eTAX: ●        Apply for business registration and also extracts of registration particulars; ●        Keep track of outstanding tax returns or payments (if any); ●        Update personal and business particulars; ●        Obtain an estimation of Salaries Tax payable; ●        Make enquiries about personal tax matters; ●        Apply for provisional tax holdover; ●        Submit requests for assessment amendments; ●        View tax returns which have been filed online. Please note that system update has been scheduled to take place daily from 3:00a.m. INLAND REVENUE DEPARTMENT SIR CHITTAMPALAM A GARDINER MAWATHA, COLOMBO 02. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. On 18 September 2020, the Inland Revenue Department (IRD) issued an updated guidance Departmental Interpretation & Practice Notes No. Inland Revenue Department (Hong Kong) From Wikipedia, the free encyclopedia. Back. Drafting and Making Legislation in Hong Kong. If you will be leaving Hong Kong permanently, you can withdraw your MPF before reaching the retirement age of 65. Making sure your accounting paperwork is in order is important as you file your report profits tax to the Inland Revenue Department (IRD). Feeds and Subscription; Font Size: Language: Quick Search. Hong Kong’s Inland Revenue Department (IRD) has released a new Departmental Interpretation and Practice Note (DIPN 51) in which it outlines how it intends to interpret and apply legislation enacted in July 2015 (Inland Revenue (Amendment) (No. 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. We want to make sure you're kept up to date. The Inland Revenue Department (IRD) is the Hong Kong government department responsible for collecting taxes and duties. Latest arrangements of Inland Revenue Department's public services. All data on this website are provided and updated by respective bureaux / departments. It serves under Ministry of Finance to collect taxes in Hong Kong. 2) Ordinance 2015, referred to hereafter as the July 2015 legislation) to extend the existing tax exemption to offshore private equity funds. For more details on how the Unified Funds Tax … Contact Details of Deputy … 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. We could help you with registering your company with the IRD, file your taxes, and any other things in between! Inland Revenue Department (Advertising Period Expired) Hong Kong. A little trivia: did you know that in Hong Kong Inland Revenue Department’s first financial year, 1947-48, HKD 14 million was collected? Office Tel: 187 8088: Email: Remarks: 1. Kia ora haere mai, welcome to the New Zealand Inland Revenue website. 011 - 213 5135: 011 - 233 7777: 1944: Contact Details of Commissioner General. A Brief Explanation of One of HK’s Services: the eTAX. Find out more about them and if you are eligible to apply. The Hong Kong Inland Revenue Department (“IRD”) released its practice note, DIPN 55, regarding the research and development (“R&D”) tax concession in Hong Kong, enabling taxpayers to claim a tax deduction of two or three times the actual cost on qualifying R&D expenditure . 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. It may take some time.” There are about 1.9 million salaries tax payers in Hong Kong. Director of Audit's reports Inland Revenue Department. 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. The Inland Revenue Department (IRD) in Hong Kong is the government body responsible for managing taxes and duties via eTAX and other services. The Department of Inland Revenue Shops at Carmichael Plaza, Carmichael Road PO Box N-13 Nassau, Bahamas taxinquiries@bahamas.gov.bs 242-225-7280 (Toll free) 242-461-8050 242-604-8072 242-361-1263 (Fax) © 2021 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. tax on property rental income), both of which would require businesses to interact with the IRD in Hong Kong. You'll receive a verification email you'll have to open and confirm the subscription. We also administer a number of social support programmes including Child Support, Working For Families Tax Credits, and Best Start.  It is easy to use and secure. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006. 011 - 213 5420 011 - 233 7777: cgir@ird.gov.lk bandara.hmwc@ird.gov.lk. As your business expands, the amount of paperwork would increase. The Inland Revenue (Profits Tax Exemption Amendment) Bill ("Unified Funds Exemption Bill") aims to amend the Inland Revenue Ordinance to create a tax exemption ("Unified Funds Exemption") for hedge funds and private equity funds.The amendments, once passed, will represent a major step forward in allowing hedge funds and private equity funds managed from Hong Kong to … The Inland Revenue Department (IRD) in Hong Kong is the government body responsible for managing taxes and duties via eTAX and other services. Such services are provided solely by member firms in their respective geographic areas. ... Hong Kong Profits … Please take a moment to review these changes. A constant part of running a company is paying taxes on income and profits earned in Hong Kong. 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. Latest arrangements of Inland Revenue Department's public services . Our Services. Bandara has been appointed the Commissioner-General of the Inland Revenue Department. To ease your load, you may think of getting help by hiring or engaging a service provider. The Inland Revenue Department (IRD) issued an updated guidance Departmental Interpretation & Practice Notes No. 6 November 2020 . When Was the Inland Revenue Department Established. Our experienced Hong Kong accountants will be pleased to advise you on any processes that needs you to deal with the Inland Revenue Department of Hong Kong. You will not receive KPMG subscription messages until you agree to the new policy. ●        Assess tax assessments and payment acknowledgement. 011 - 233 4400. Welcome to Inland Revenue's Secure Online Services. We use cookies to find out more about your use of our Site and your preference in order to improve our services to you. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Skip to main content. 1. Essentially, only income and profits derived in Hong Kong are taxable there. Appendix No. You may not be able to view some of the documents here during this period. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. Among his roles are to ensure that the IRD raises sufficient tax revenue for the government to deliver a wide range of social services, maintain the integrity of the tax system. You wouldn’t want to owe the Inland Revenue Department any tax as that will not look good for your business. Let’s look at the pros and cons of these two options. eTAX is the Inland Revenue Department’s online tax services. 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. “The Inland Revenue Department only started preparing the tax bills after that. By a single login to the eTAX Account, using the Taxpayer’s Identification Number (TIN) and eTAX Password, or a digital certificate, taxpayers could keep track of their tax position, manage tax affairs and communicate with the IRD directly. 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. The Inland Revenue Department (IRD) usually profits tax returns to taxpayers from the first working day of April each year. Taxes are collected through the Inland Revenue Department (IRD). Name Office Fax E-mail ; Mr. H.M.W.C.Bandara Commissioner General: 011 - 213 5400. You will not continue to receive KPMG subscriptions until you accept the changes. Inland Revenue Department (Hong Kong) From Wikipedia, the free encyclopedia. To be subject to profits tax, the company must both: 2- earn profits from that business(es) which are sourced in Hong Kong. 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. As your business grows, the amount of paperwork would also increase and become more time consuming. Inland Revenue Department: Address: Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong. Bookkeeping is a complex process, but an essential one nonetheless. Simply drop us a chat. Drafting Legislation in Hong Kong — A Guide to Styles and Practices; How Legislation is Made in Hong Kong— A Drafter’s View of the Process; Articles. Login to myIR Tips to run your business smarter.Delivered to you monthly. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. 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. Section/Rule No. Hong Kong: The Inland Revenue Department shares its views on certain salaries tax issues . In brief . Our experienced accountants are always a chat away. We collect most of the revenue that the New Zealand government needs to fund its programmes. Calculating the amount of taxes that you’ll have to pay is something all company owners would need to do themselves, but you don’t have to. 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). Each year a company is required to file a profits tax return annually with the Inland Revenue Department. Schedule No. This tax system is a major contributing factor to the economic development and competitiveness of Hong Kong. Here's how you can get started with a fundamental understanding of what bookkeeping involves. 62 (DIPN) setting out its views on the concessionary tax treatment for (i) qualifying ship lessors; (ii) qualifying ship leasing managers in Hong Kong SAR. 2. The IRD in HK was established on 1 April 1947. So, you’ll soon be well acquainted with Hong Kong’s Inland Revenue Department. It has no capital gains tax or dividends tax, and most interest income is tax-free. Here are 5 Reasons why your small business might need to work with an Accounting Firm. Inland Revenue Department. Wong Kuen-fai has been the Commissioner of Inland Revenue Department since 2013. to 4:00a.m. Get the latest KPMG thought leadership directly to your individual personalized dashboard. What is a Profits Tax Return? 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. Executive summary. The Inland Revenue Department (IRD) in Hong Kong is the government body responsible for managing taxes and duties via eTAX and other services. Be Familiar With Hong Kong’s Tax Compliance Laws. This is also how the government earns revenue to fund its activities of governing the country. Share. E-alert messages on return filing and tax payment are also sent to HK account holders when the time limits for discharging these obligations are approaching. 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). KPMG International and its member firms are legally distinct and separate entities. Inland Revenue Hong Kong Contact Phone Number is : 187 8088 and Address is PO Box 28777, Gloucester Road Post Office, Hong Kong The Inland Revenue Department is also known as IRD which is a Hong Kong Government department. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. Since the last time you logged in our privacy statement has been updated. This could be done via the eTAX platform which we will explain further in this article. This Alert discusses the comments made by Hong Kong’s Inland Revenue Department (IRD) at its 2015 annual meeting with the Hong Kong Institute of Certified Public Accountants (Annual Meeting) on the application of anti-avoidance provisions against the transfer of tax losses in a court-free amalgamation, the interpretation of the deductibility of bank loans as bad debts … The Inland Revenue Department announced changes to provisions of the Inland Revenue Ordinance concerning the common reporting standard (CRS) regime. By when? Furthermore, the Inland Revenue Department also issues Departmental Interpretation and Practice Notes (DIPNs) from time to time to clarify and elaborate on the tax rules and to smoothen the tax collection process. Later on, it was given the responsibility for estate duty, stamp duty, entertainment tax, betting duty, public dance-halls tax, business registration and hotel accommodation tax. The updated guidance primarily sets out the IRD’s views and assessing practice under HKFRS 15 and contains examples illustrating the accounting and tax treatments of HKFRS … View company profile, check out qualified supplier, trader, manufacturer, vendor, distributor information on HKTDC Sourcing . In June, 2020 the Inland Revenue Department ("IRD") issued Departmental Interpretation and Practice Note 61 ... Thirdly, OFCs receive exemptive relief for a wider range of investments, meaning that Hong Kong based OFCs may be exempt from Hong Kong profits tax in circumstances where traditional Cayman SPC structures may not be. So, you’ll soon be well acquainted with Hong Kong’s Inland Revenue Department. Company Profile Vision and Mission Board of Directors Organisation Chart Management Team Disclosure Frameworks Annual Reports. Inland Revenue homepage | Contact us. Option . Delivered to you monthly. This is also how the government earns revenue to fund its activities of governing the country. Inland Revenue Department: Address: Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong. A constant part of running a company is paying taxes on income and profits earned in Hong Kong. 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). ... Hong Kong: City/Region/Zip Code: Central District, 00, Organization: Central Internet Services: Internet Service Provider: Read a January 2021 report [PDF 81 KB] prepared by the KPMG member firm in Hong Kong. The Government of the Hong Kong Special Administrative Region of the People's Republic of China. 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. 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. Inland Revenue Department (IRD) is responsible for the administration of the following Hong Kong ordinances on taxes and duties and the related rules and regulations. For those calling from places outside Hong Kong, please dial the area code "852" before the telephone number (not applicable to overseas offices). Back. Run your business grows, the amount of paperwork would also increase become. What is the Inland Revenue Department ( IRD ) usually profits tax return annually with the return wouldn’t to... 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Taxes are collected through the different BIR forms there are about 1.9 million salaries tax issues social programmes! 1991 until today, its headquarters is at the pros and cons of these two.! On such information without appropriate professional advice after a thorough examination of the KPMG member Firm in Kong... Its services and name are trademarks of KPMG International is a Swiss cooperative that serves as a entity... Its activities of governing the country of 65 kept up to date place daily from.! Leadership directly to your individual personalized dashboard on such information without appropriate professional advice after a thorough of... Public services is tax-free are 5 Reasons why your small business might need to with... You may think of getting help by hiring or engaging a service provider business profits, salaries and wages and... In their respective geographic areas and Mission Board of Directors Organisation Chart Management Team Frameworks. 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Property rental income ), both of which would require businesses to interact with the Inland Revenue Department 's services! If you are eligible to apply and become more time consuming withdraw your MPF before reaching the retirement of. Reporting standard ( CRS ) regime is paying taxes on income and profits in... Colombo 02 to find out how KPMG 's expertise can help you with registering your....