at the rate of 8.25% on the net share of assessable profits concerned up to the threshold. First HK$50,000. {{vm.newUser2}} endobj This applies to a year of assessment commencing on or after 1 April 2018. <> (1) 100% of the 2019/20 profits tax is waived subject to a ceiling of $20,000 per case. 2018/19 1. x�כ5�\Ѫ�ܶ�0MV�m4?��}�4׵� ��oO�JS���h��0�f�x����j�\��������nB�gbٙ/�U��k%���)�`yӎN::L���-���+����"[��;�߄K�o��D��� �a�h�Het`ۍ0w�&���&^E�o����� ��X�ֹ�m�0�le���&�. On 29 December 2017, the Inland Revenue (Amendment) (No. The bill is currently under the consideration of the Legislative Council and has not yet enacted into law. endstream endobj startxref endstream endobj 1737 0 obj <. The Two-Tier Profits Tax Rates Regime effective from Year of Assessment 2018/19. (2) 100% of the 2018/19 profits tax … Once enacted, the two-tiered tax rates will be effective from year of assessment 2018/19. The information in this booklet is based on taxation laws and practices as of 28 February 2018 and incorporates legislative proposals and measures contained in the 2018/19 Hong Kong Budget announced on the same date. The Profits Tax bill is a welcome enhancement to small and medium enterprises in Hong Kong and to the Hong Kong tax system to maintain its position as Asia’s leading international business centre.The Profits Tax bill will be formally introduced into the Legislative Council on 10 January 2018. In particular, an application for a hold over payment of provisional profits tax on an additional ground may be made where: The written application must be made not later than the 28th day before the day by which the provisional profits tax is to be paid or by the 14th day after the date of the notice for payment of provisional profits tax. The same increase applies to the additional allowance for taxpayers residing with parents or grandparents continuously throughout the year, Raise the deduction ceiling for elderly residential care expenses from HK$92,000 to HK$100,000, Introduce a personal disability allowance for eligible taxpayers, at HK$75,000, Allow married persons the option to elect personal assessment separately, starting from the year of assessment 2018/19, Provide a tax deduction of qualified premium for taxpayers who purchase eligible health insurance products for themselves or their dependants under the Voluntary Health Insurance Scheme, at the ceiling of HK$8,000 per insured person, Allow tax deduction for voluntary contributions made to the Mandatory Provident Fund (MPF) and contributions made to deferred annuity products under the Life Annuity Scheme, To encourage Research and Development ("R&D"), enterprises will enjoy a 300% tax deduction for the first $2 million qualifying expenditure on R&D, and a 200% deduction for the remainder, To widen the scope of qualifying debt instruments eligible for tax exemption by including debt securities listed on the Hong Kong Stock Exchange and extending to debt instruments with an original maturity of not less than seven years to instruments of any duration, To review the existing tax concession arrangements applicable to the fund industry with regard to international requirements on tax co-operation, and to examine the feasibility of introducing a limited partnership regime for private equity funds and the related tax arrangements, To actively seek to sign Free Trade Agreements (FTAs), Investment Promotion and Protection Agreements (IPPAs) and Comprehensive Avoidance of Double Taxation Agreements (CDTAs) with other economies, including those along the Belt and Road, to fortify Hong Kong's position as an international trade and investment hub, To allow one-off tax deduction for capital expenditure incurred by enterprises in procuring eligible energy efficient building installations and renewable energy devices, To continue to waive in full the first registration tax (FRT) for electric commercial vehicles, electric motor cycles and electric motor tricycles until 31 March 2021, Provide two-month extra allowance to recipients of Comprehensive Social Security Assistance (CSSA), Old Age Allowance, Old Age Living Allowance and Disability Allowance, Similar arrangements will apply to Low-income Working Family Allowance (LIFA) and Work Incentive Transport Subsidy, Provide a one-off grant of HK$2,000 to each student in need to support learning, Pay examination fees for candidates sitting for the 2019 Hong Kong Diploma of Secondary Education Examination, Continue the issuance of Silver Bonds in 2018 and 2019, targeting Hong Kong residents aged 65 or above, Waive rates for four quarters of 2018/19, subject to a ceiling of HK$2,500 per quarter for each rateable tenement.

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