YOU NEED TO KNOW

The Financial Secretary proposed in his 2022-23 Budget to waive Business Registration fees for 1 year. The schedule is starting from 1st April, 2022. Details of the Business Registration Fees waiver In respect of business registration certificates and branch registration certificates that commence on 1st April 2022 but before 1st April 2023. The fees payable …

What is MPF? MPF refers to “Mandatory Provident Fund”. Hong Kong started MPF system since December 2000 in response to the rapidly ageing population issue in Hong Kong. How to calculate MPF contributions? The MPF contributions have 2 parts: 5% from employee and 5% from employer. Totally 10% of employee’s relevant income. Moreover, the employers …

Starting from 17th Jun 2022, the Business Registration Levy will reduce to $150 per annum. While the registration fee is remaining $0 since 1st April 2019. So, if the commencement date of your company is on or after 17th Jun, then you can save $100. Who Eligible? The new rate is applicable to the incorporation …

According Business Registration Ordinance (Chapter 310, Laws of Hong Kong). Every business owner in Hong Kong should ensure compliance with the requirements of the Business Registration Ordinance. Please find the highlight as following: Section 7(2) requires every business owner to notify the Commissioner of Inland Revenue (Commissioner). If the business owner does not receive the …

Hong Kong will begin relaxing its “Most Stringent” set of social distancing restrictions on 21st April 2022. Food and Health secretary Sophia Chan announced that the following measures will be in place on 21st April. Restaurants can resume evening dine-in services until 10 p.m. with a maximum of 4 people per table. Banquets with a …

The Ministry of Finance and the State Taxation Bureau issued a joint announcement (No. 15 [2022]). China is extending the value‑added tax (VAT) exemption policy for small‑scale taxpayers and small business firms. The exemption has started since April 2021 due to the Covid-19 pandemic, slow down of business activities across within China and cross-boarder businesses. …

All local companies incorporated in Hong Kong needs to file an annual return. In order to facilitate the completion of NAR1, key particulars of the company are filed. Whereas this happen at the anniversary date of the annual return as registered and kept by the Companies Registry will be provided. The Hong Kong Limited Company Secretary …

Inland Revenue Department (IRD) of Hong Kong has published a schedule for a company and Individual Tax Return Filing for 2022. The bulk issue of Profit Tax Returns and Individual Tax Returns will be sent on 1st April and 1st June respectively. Thus, your green envelop is coming in early April and June as well. …

Subsidy Scheme for Employment Agencies with valid licence The novel coronavirus epidemic has brought exceptional challenges to Hong Kong. The Hong Kong Government has responded to the needs of the Employment Agencies in an unprecedented manner. Hence, the Labour Department launched the Subsidy Scheme for Employment Agencies under the 6th Round of Anti-epidemic Fund One-off …

Hong Kong’s finance chief on 22th February, 2022 unveiled a costly HK$170 billion ($21.79 billion) budget. Including tax breaks and consumer spending vouchers, as the city reels under its worst coronavirus outbreak to date. The budget will direct more resources to relieve people’s hardship and provide SMEs with some breathing space so as to stabilize …