Chief Executive Carrie LAM, called a Press Conference last evening (8 April 2020).To support Kong Kong SMEs, a new series of measures involving over $130 billion to help businesses stay afloat, keep workers in employment, relieve financial burdens of individuals and businesses and assist the economy to recover once the epidemic is contained. Along with the unprecedented measures include introducing an …
Company Secretarial Services for a Hong Kong Limited Business
Centre O offers many Hong Kong Limited business on Company Secretarial Services. We received numerous requests on a consistent basis to take over the role as appointed company secretary. The entrepreneurs were angry with the unsatisfied secretarial practices with their pervious suppliers. The reasons may be varied, but the common reasons can be concluded as hidden charges and cannot fulfill the …
Waiver Offer of Counter Transaction Limit @ Bank of China
Since 1st April 2015, Bank of China (BOC) imposed a counter transaction limit to all corporate customers. Bank Of China announced a good news to Business Integrated Account (BIA) customer. BIA customer can enjoy 30 to 50 complimentary counter transactions per month. The numbers of complimentary transaction according to the account type. Services are considering as counter transaction at Bank …
Checklist for Accounting and Auditing in Hong Kong
If you are interested in running a business in Hong Kong, the first thing you need to know about are accounting, auditing standards, and tax filing. In order to stay away from any penalties for incorrect tax filings and any legal issues down the road. The Inland Revenue Department ( IRD) financial year starts on April 1st and ends on …
Census and Statistics Department Survey of Employment and Vacancies
Many people may ask what is Census and Statistics Department (C&SD)? This department provide major social and economic official statistics about companies in Hong Kong. The law governing the work of the C&SD is the Census and Statistics Ordinance ( Chapter 316). C&SD provides census of population and collection, compilation and publication of statistical information concerning Hong Kong and any …
Inland Revenue Department – Tax Audit & Investigation
In combating tax evasion and avoidance, the Inland Revenue Department (IRD) of Hong Kong adopts the “Assess First, Review Later” approach as its assessment mechanism on tax returns and other supplementary information submitted by taxpayers while at the same time fully utilises advanced technology in selecting cases not subject to review and conducts automated assessment. IRD uses certain criteria for …
Latest arrangements for public services of Inland Revenue Department
In view of the latest situation of COVID-19 and in response to the Government’s announcement that limited service arrangements for government departments will be implemented to reduce social contact, the Inland Revenue Department announced from tomorrow (March 23, 2020) it will suspend the provision of all of its services, except for the following: Offices Opening hours Central Enquiry Counter (only …
What to do when receiving a letter from Inland Revenue Department?
Many people started worrying when they received a letter from Inland Revenue Department. Before freaking out, you should first check the file number on the upper left corner of the letter. They mostly starts from 4A, 4B, 4C. With this file number it shows IRD opened the tax audit and investigation file regarding to your company. Inland Revenue Department Investigation focus on …
Government Funding Schemes Relates to Fintech Companies
Hong Kong is now facing one of the toughest challenges from the growing coronavirus outbreak. To support the community, FINTECH ASSOCIATION OF HONG KONG (FTAHK) consolidate some of the government funding schemes that are relatable to the members for easier access. Apart from this, different organisations also offer services for business to stay competitive in the business environment. HKTDC runs regular …
Tax Deduction for Charitable Donations in Hong Kong
Donations qualified for tax-exempt charities or charitable purposes can be deducted. You can have options to claim from your net assessable income under salaries tax, assessable profits under profits tax and total income under personal assessment. Here you can get some brief idea about these deductions. Eligibility for Deduction You may claim a deduction for a donation of money to …