Taxation in Hong Kong: A Practical Guide 2021-2022 (8th Edition)

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Taxation in Hong Kong: A Practical Guide 2021-2022 (8th Edition)

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The new edition of this Wolters Kluwer title is now updated to cover the newest developments and trends in Hong Kong taxation for the year 2021/2012. 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 issues promulgated by the Organisation for Economic Co-operation and Development (“OECD”) such as the Base Erosion and Profit Shifting Initiative (“BEPS”).

New materials covered in the 2021/2012 edition include the following:
- Changes announced in the 2021/2012 budget;
- DIPNs 18, 35, 36, 37, 56 and 57 (Revised) issued in February 2020
- DIPN 31 (Revised) issued in April 2020
- DIPN 39 (Revised) issued in March 2020
- DIPN 42 (Revised) issued in June 2020
- DIPNs 47 (Revised) and 48 (Revised) issued in July 2020
- DIPNs 58, 59 and 60 issued in July 2019
- DIPN 1 (Revised) issued in September 2020
- Profits tax exemption for funds and DIPN 61 issued in June 2020
- Relief for aircraft leasing and ship leasing, and DIPN 62 issued in December 2020
- The proposed rule on deduction of foreign taxes – section 16(1)(ca)
- China Mobile HK Co Ltd (HCIA 2/2017)
- Newly signed double taxation agreements/arrangements and protocols
- Enhanced statutory framework for the furnishing of tax return
Discussion on China tax for cross-border business and employment 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 receipts, taxability of unrealised gains, taxability of a lump sum received, and appeals procedure and capital/revenue expenses. 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 Taxation Relief
9. Returns and Information · Assessment to Tax · Provisional Tax
10. Payment and Recovery of Tax
11. Objections · Appeals
12. Offences and Penalties
13. Advances Rulings · Anti-Avoidance Measures
14. Stamp Duty
Mr Percy Wong, CPA, FCCA, ATIHK, CTA (non-practising), BSocSci, & MBA, is a teaching fellow at The Hong Kong Polytechnic University, specialising in taxation. He is also the programme leader of the BBA in Accountancy program. He has over 20 years of teaching experience at tertiary level. Prior to joining the University, he was a senior tax manager at an international CPA firm. He has been a member of the Inland Revenue Board of Review for the years 2007 to 2013. He is now serving as a member of Users’ Committee of the Hong Kong Inland Revenue Department. 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, FCCA, FCPA, ATIHK, CTA (non-practising), BA, MSc, PhD, 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 chartered tax adviser (non-practising) 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 is a joint editor of the Asia Pacific Journal of Taxation, a joint publication of the Taxation Institute of Hong Kong and The Hong Kong Polytechnic University. He also serves as examiner and academic consultant for several professional bodies.