Hong Kong Company Incorporation with Paul Hype Page
Hong Kong Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

Corporate Tax in Hong Kong

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Corporate Tax Services in Hong Kong2022-06-20T08:21:01+00:00

Understanding the Corporate Tax System in Hong Kong

In Hong Kong, corporate tax is a regulatory fee charged on the profit of a firm. They are applied to calculate the legal obligation a business owes to the government after deductions of expenses, operating cost (including the Cost of Goods Sold) and depreciation from revenues.

When an individual performing a trade, operating a business, or providing a service, they are liable for the corporate tax. This applies to all business entities, it may be corporation, partnership, or sole proprietorship. However, paying corporate taxes on time is beneficial for business owners as compared to individual taxes, where there are returns deductions on medical insurance for families, fringe benefits (including retirement plans and tax-deferred trusts.

Company Tax Exemption Qualifying Conditions

  1. The company has no customers or suppliers in Hong Kong.
  2. The owner or employees of the business entity operate their business solely outside of Hong Kong.
  3. The company provides no services in Hong Kong.
  4. Your services and products are not available in Hong Kong.
  5. The day-to-day business decisions and service agreements are signed outside of Hong Kong.
  6. The company has no employees based in Hong Kong, and the owner or any overseas employees rarely visit Hong Kong.
  7. The company’s products do not enter Hong Kong.

Hong Kong Corporate Tax Rates

In Hong Kong, companies are taxed with a certain rate, regardless of which types of business entity. For Corporation firms, 16.5% while for Incorporation firms, 15%.

FAQs

Do Hong Kong offshore companies pay taxes2021-06-10T06:48:53+00:00

Hong Kong offshore companies are exempted from paying taxes. This is because its activities are expected to generate income outside Hong Kong and thus not subjected to taxation as with other corporates that operate within Hong Kong.

Does Hong Kong have an export tax on items exports from HKSAR?2021-06-10T06:49:06+00:00

No, Hong Kong does not have an export tax on items exports from HKSAR.

Who needs to pay taxes in Hong Kong?2021-06-10T06:49:14+00:00

Everyone who receives income in Hong Kong whether through employment or pension is expected by the IRD to pay salaries tax.  

What is two-tier taxation in Hong Kong?2021-06-10T06:49:29+00:00

This is a method of taxation that involves income being taxed twice starting with the first HK$2 million of profits taxed at one-half of the general tax rate of 8.25% for corporations, and the rest of the profits are taxed at a 16.5% tax rate. At the end of the day, it lowers the taxation rate for the first HK$2 million.

What is the role of corporate taxation in Hong Kong2021-06-10T06:49:49+00:00

Revenue generated from corporate taxes in Hong Kong goes into the running of government affairs just like in any other country.

It is worth noting that one of the reasons why Hong Kong is considered a tax haven is because the Hong Kong government has several reserves that generate revenues, hence it levies favourable corporate taxes. Some of these government reserves come from the sale or leasing of government-owned properties.

Why is tax avoidance considered an unethical act?2021-06-10T06:50:03+00:00

Tax avoidance is often viewed as attempting to avoid social obligation which is unethical.

How can I calculate tax avoidance?2021-06-10T09:08:18+00:00

Tax avoidance is computed by dividing the total expenses by the accounting earnings before tax. Tax avoidance is thus a reflection of the aggregate proportion of accounting income payable relative to the accounting earnings.

Need tips on Corporate Tax in Hong Kong?

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Benefits of Working with Us

Paul Hype Page & Co ensures both your company and your compliance meet the standards required for corporate tax submissions, tax filing, various tax matters including tax deductions and exemptions.

Our team of specialists are well-versed with the latest trends of tax laws and practices. We offer you support to deliver more than just an ordinary tax return.

Our Hong Kong Tax Compliance Services include:

  • Update you with Hong Kong tax regulations and compliance requirements

  • Monitor the statutory deadlines and meet the compliance filing deadlines

  • Preparation and filing an estimated chargeable income

  • Preparation/reviewing tax provision calculations based on the information provided

  • Submitting the finalized tax computation and relevant forms

  • Advising on the tax payments due dates upon receipt of the notice of Assessment

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