The Hong Kong Government announced on 4 December 2019 a further relief measure on tax payment. For instalment plans approved by the Inland Revenue Department allowing taxpayers in financial difficulties for settlement of Salaries Tax, Profits Tax and Personal Assessment demand notes issued between December 2019 and the year 2020 for the Year of Assessment 2018/19, provided that the instalment plans are duly adhered to, no surcharge will be imposed for a maximum period of one year counting from the respective due dates of the demand notes.
The Inland Revenue (Amendment) (No. 6) Ordinance 2018 has codified the transfer pricing rules and documentation requirements. DIPN Nos. 58, 59 and 60 have been issued to set out the Department’s interpretation and practice on the relevant rules and requirements, and the latest international standards relating to transfer pricing.
The Non-Hong Kong Companies (Disclosure of Company Name, Place of Incorporation and Members’ Limited Liability) Regulation (Cap. 622M) (“Regulation”) will come into operation on 1 August 2019. The main purpose of the Regulation is to align the obligations of non-Hong Kong companies with those of Hong Kong companies in the display of company names and disclosure of liability status.
The British Virgin Islands (“BVI”) has enacted new legislation requiring certain BVI entities carrying on relevant activities to demonstrate “adequate economic substance” in the BVI. The Economic Substance (Companies and Limited Partnerships) Act 2018 (the “BVI ES Act”) which came into force on 1 January 2019 was introduced as a result of OECD guidance on Base Erosion and Profit Shifting (BEPS) and concerns from the EU Code of Conduct Group for Business Taxation.
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