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Taxation in Hong Kong: A Practical Guide 2019-2020

Taxation in Hong Kong: A Practical Guide 2019-2020

Author: Percy Wong; Jody Wong
Publisher: Wolters Kluwer (HK) (formerly CCH)
ISBN: 9789887935728
Published In: August 2019
Format: Paperback , 944 pages
Jurisdiction: Hong Kong ? Disclaimer:
Countri(es) stated herein are used as reference only

New Edition is available now !

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The new edition of this title is now updated to cover the newest developments and trends in Hong Kong taxation for the year 2019/20.

The practical aspect of this title has proven to be of great value to candidates preparing for their professional qualification exams as well as to taxation and accounting students who would like to pursue a career in this exciting industry. The book provides an in-depth analysis of the taxation related issues in Hong Kong, from the implementation of new legislation to the latest departmental notes and current tax cases, as well as international tax topics related to Automatic Exchange of Financial Account Information (“AEol”) promulgated by the Organisation for Economic Co-operation and Development (“OECD”) and the Base Erosion and Profit Shifting Initiative (“BEPS”).

New materials covered in the 2019/20 edition includes the following:
− changes announced in the 2019/20 budget;
− deduction of contributions to voluntary health insurance scheme
− deduction of deferred annuity premium and MPF voluntary contributions
− amended rules for election of personal assessment
− introduction of two-tiered profits tax rates
− introduction of deeming provision on appropriation of trading stock
− amendment on deduction rules of R&D expenditure and related deeming provisions
− amendment on deduction rules of environmental protection installation
− new definition of permanent establishment
− alignment of tax treatment and accounting treatment for financial instruments
− introduction of transfer pricing legislation; and
− newly signed double taxation agreements.

Discussion on China tax for cross-border business is included and updated in this edition. The book also examines recent tax cases on such areas of practice as source of profits, capital/revenue receipt, taxability of unrealised gains, taxability of a lump sum received, and appeals procedure. Topic-related revision questions at the end of each chapter with suggested solutions are particularly useful for professional taxation examination candidates and undergraduate and postgraduate students.
1. Introduction to Hong Kong Revenue Law
2. Salaries Tax
3. Personal Allowances
4. Personal Assessment
5. Property Tax
6. Profits Tax
7. Depreciation and Other Capital Allowances
8. Double Tax Relief
9. Returns and Information, Assessment, Provisional Tax
10. Payment and Recovery of Tax
11. Objections, Appeals
12. Offences and Penalties
13. Advance Rulings, Anti-avoidance
14. Stamp Duty
Mr Percy Wong, CPA, FCCA, ATIHK, CTA, BSocSci, & MBA, is a teaching fellow at The Hong Kong Polytechnic University, specialising in taxation. He is also the Work-integrated Education Coordinator for the School of Accounting and Finance of the university. He has over 15 years of teaching experience at tertiary level. Prior to joining the University, he was a senior tax manager at an international CPA firm. He is a Council Member of The Taxation Institute of Hong Kong. He is also a member of the Taxation Faculty of the Hong Kong Institute of Certified Public Accountants and a member of the Taxation Committee of Hong Kong General Chamber of Commerce. He has been a member of the Inland Revenue Board of Review for the years 2007 to 2013. Moreover, he is one of the joint editors of the Asia Pacific Journal of Taxation, jointly organized by The Taxation Institute of Hong Kong and The Hong Kong Polytechnic University. In addition, he serves as examiner and moderator for examination of various local and international professional bodies.

Dr Jody Wong, PhD, MSc, BA, FCCA, FCPA, CTA, is a teaching fellow at the School of Accounting and Finance of The Hong Kong Polytechnic University. He is also the programme manager of the Master of Professional Accounting programme. He is a certified public accountant and a certified tax adviser in Hong Kong. Prior to joining the University, he has acquired substantial practical experience in the fields of accounting, auditing and taxation through working in the commercial sector, an international CPA firm and the tax department. He also serves as examiner and academic consultant for professional bodies and tertiary institutions, and publishes in the Asia-Pacific Journal of Taxation.