Hong Kong (Brenda Chan, Nexia Charles Mar Fan & Co, Reviewed January 2015

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1 Hong Kong (Brenda Chan, Nexia Charles Mar Fan & Co, Reviewed January 2015 I MAIN LEGAL FORMS Legal form Characteristics Partnership and Limited Liability Partnership (LLP) Private corporation (Ltd) and Public corporation (Plc) Partners/shareholder s Number Restrictions Partnership: at least two and cannot be more than 20 partners Limited partnership: at least two and shall not consist of more than 20 persons and must consist of at least one general partner and one limited partner Restrictions: none Ltd: at least one and not more than 50 shareholders Plc: one or more Directors Management by partners Ltd: at least one director Plc: at least two directors Establishment By partnership agreement Set up under the Companies Ordinance Registration Partnership: not necessary to be registered with the Hong Kong Companies Registry Limited Partnership, Ltd, Plc: registered with the Hong Kong Companies Registry

2 Minimum capital None None (for practical purposes this is not usually less than HK$1,000 or the equivalent in a foreign currency) A minimum of one share can be issued to each shareholder Liability Partnership: jointly and severally liable for all debts and obligations Limited Partnership: general partners shall be liable for all debts and obligations limited partners shall be liable for debts and obligations within the amount they have agreed to contribute Limited to share capital subscribed Governance Governed by the partners Governed by the Board of Directors secretary shareholders meeting annual general meeting Audit requirements None Annually Taxation Subject to profits tax on their profits arising in and derived from Hong Kong. Partnerships are transparent for tax purposes Usage Professional practices All other businesses

3 II CORPORATION TAX Legal form Description Resident corporation Permanent establishment (PE) Profits tax Taxable entities Companies and partnerships PE located in Hong Kong Taxable income Profit arising in or derived from Hong Kong Profits derived by PE in Hong Kong Calculation of taxable profits Accounting profit is adjusted for various tax add-backs and allowances to arrive at profits chargeable to profits corporation tax Interest payments Interest expenses are tax deductible if related to the generation of taxable profits Related party transactions Tax year, return and payment Capital gains All related party transactions must take place on an arm s length basis Tax returns are issued in April each year and are required to be filed within one month However, by special concession the following extensions for filing are usually granted: Year-end Filing date 1 April to 30 November 30 April of the following year 1 December to 31 December 15 August of the following year 1 January to 31 March 15 November of the same year Not taxable

4 Losses Tax group Tax rate Net operating tax losses may be carried forward and set off against future taxable profits None 16.5% for limited companies 15% for partnerships

5 III TAXES FOR INDIVIDUALS Residents Non-residents Taxable entities and taxable income Tax levied on the chargeable income of a chargeable person for a year of assessment Resident individuals are taxed on income arising in and derived from Hong Kong Non-resident individuals are taxable on income derived in Hong Kong Types of taxable income Property income (usually rent) Income from business activities Employment income from personal services or pensions Income Tax Calculation of income Tax year, tax assessment and tax payment Property income less 20% allowance for repairs and outgoings Income from business activities is adjusted for various add-backs and allowances to arrive at profits chargeable to tax Employment income or pensions on gross basis Tax year ends on 31 March each year Tax assessment individual self-assessment returns for each taxpayer Return forms are issued on 1 April each year and must be submitted within one month Losses Losses may be carried forward and set off against future income on the election of personal assessment (combining all heads of income for assessment) Tax rates Band Rate (HK$) (%) First 40,000 2 Next 40,000 7 Next 40, On the remainder 17 Standard rate 15

6 Capital Gains Tax (CGT) Not taxable Domiciled Non-domiciled Inheritance Tax (IHT) No inheritance tax

7 IV WITHHOLDING TAXES Under domestic law Payments to residents Payments to non-residents 1 Dividends Nil Nil Interest Nil Nil Royalties Nil 4.95%/16.5% On payments to artists and sportsmen Nil 10%/11% 1 Reduced rates of withholding tax may apply where there is an appropriate double tax treaty. Reduced rate available under the relevant Double Taxation Treaty Country Dividends Interest Royalties Austria Nil Nil 3% Belgium Nil Nil 4.95% Brunei Nil Nil 4.95% Canada Nil Nil 4.95% China Nil Nil 4.95% Czech Republic Nil Nil 4.95% France Nil Nil 4.95% Guernsey Nil Nil 4% Hungary Nil Nil 4.95% Indonesia Nil Nil 4.95% Ireland Nil Nil 3% Japan Nil Nil 4.95% Jersey Nil Nil 4% Kuwait Nil Nil 4.95% Liechtenstein Nil Nil 3%

8 Luxembourg Nil Nil 3% Malaysia Nil Nil 4.95% Malta Nil Nil 3% Mexico Nil Nil 4.95% Netherlands Nil Nil 3% New Zealand Nil Nil 4.95% Portugal Nil Nil 4.95% Qatar Nil Nil 4.95% Spain Nil Nil 4.95% Switzerland Nil Nil 3% Thailand Nil Nil 4.95% United Kingdom Nil Nil 3% Vietnam Nil Nil 4.95% Note: the above rates are only available provided the specific Treaty criteria are satisfied. It is possible that lower rates than those shown above may be available provided that certain criteria are satisfied. As treaties will not be identical, guidance should be sought in all cases.

9 V INDIRECT TAXES Residents Non-residents Value Added Tax (VAT) Entities being obliged to levy VAT Tax on the supply of goods and services (VAT) There is no VAT or sales tax, with the exception of a first registration tax on automobiles Real Property Taxes Stamp duty on transfer of immovable property in Hong Kong ranges from 1.5% 8.5% based on the value of the properties For properties resold within less than 36 months, special stamp duty ranges from 10%-20% For buyer of residential properties, buyer stamp duty of 15% is due Stamp Duty On transfer of Hong Kong stock: 0.1% of the amount of the consideration Nexia International does not accept liability for any loss arising from any action taken, or omission, on the basis of this publication. Professional advice should be obtained before acting or refraining from acting on the contents of this publication. Membership of Nexia International, or associated umbrella organizations, does not constitute any partnership between members, and members do not accept any responsibility for the commission of any act, or omission to act by, or the liabilities of, other members. Nexia International is the trading name of Nexia International Limited, a company registered in the Isle of Man. Company registration number: 53513C. Registered office: 2nd floor, Sixty Circular Road, Douglas, Isle of Man, IM1 1SA Nexia International 2015

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