You need to know

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

2020-04-01

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

2020-03-24

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

2020-03-16

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 …

Hong Kong Funding Scheme for Business Development ( Con’t)

2020-03-15

Continuing with the pervious blog, the Hong Kong SAR Government offers various fund schemes to local SMEs. It supports their growth, development and expansion of each business. Besides the funds on pervious blog, below are the 6 schemes that we will highlight the speciality of each of them.    SME Export Marketing Fund (EMF) EMF aims to encourage SMEs to expand their …

Hong Kong Funding Scheme for Business Development

2020-03-15

Getting cash flow is the very first step for any new business. There are many sources to consider when a business owner is looking for financing such as personal savings, capitalising and loans. One more option to consider is the funding schemes provided by the Government. Hence we would like to introduce a few that specifically focusing to Small and Medium …

Relief Measures to Businesses in Hong Kong 2020

The Hong Kong government implement relief measures to businesses on electricity and water and sewage fees. Firstly, subsidising 75% of electricity charges for four extra months, subject to a monthly cap of HK$5,000, for non-residential accounts.  Secondly, waiving 75% of water and sewage charges of non-domestic households for four extra months, subject to a monthly cap of HK$20,000 and HK$12,500 …