On 28 February 2024, the Hong Kong Financial Secretary announced the 2024-25 Budget. The latest financial plans focus on enhancing economic growth and development by stimulating investment, boosting consumer confidence, and strategic tax changes.

Every Hong Kong company has to fulfil annual requirements to ensure compliance with the law, according to the Companies Ordinance and Inland Revenue Ordinance.

A crucial aspect of this compliance involves yearly filings, which inform the authorities about your company's activities and finances. This article will break down the requirements for 2024 to help you stay on top of your obligations.

The Tax Certainty Enhancement Scheme (TCES) aims to provide businesses with a clear set of rules to determine whether a profit is capital or revenue in nature. TCES applies to Onshore Disposal Gains and is effective starting 1 January 2024.

Due to Hong Kong’s lenient tax policies that indirectly led to non-competitive advantages, such as double non-taxation, the EU has "grey-listed" Hong Kong.

To address this and align with international standards, Hong Kong has been adopting a new set of legislation under the Foreign Source Income Exemption (FSIE) Regimes over the past few years.

Businesses can find themselves operating in multiple jurisdictions, each with its own unique taxation system. This can lead to a scenario known as double taxation, where a company is required to pay taxes on the same income in more than one country.

To shed light on this complex issue, we'll explore the concept of it, its implications for businesses and individuals and how Double Taxation Agreements (DTAs) are applied.

If you have employees in Hong Kong, they will need to file their salaries tax return each year with the Inland Revenue Department (IRD). This guide aims to navigate the process and covers the tax filing and payment process, taxable and non-taxable income, tax rates, common allowances and deductions, and common tax issues.

If your business is in Hong Kong or you plan to relocate, you are likely wondering about the types of taxes businesses are subject to, the capital gains tax rate, and how to estimate your tax obligations. Let's delve into these topics to gain a comprehensive understanding. Additionally, we’ll discuss best practices when to be fully prepared for your tax return.