Raymond Yeung Tax Consultant former Assessor of Inland Revenue Department 前稅局評稅主任楊輝洪

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Profits Tax - Basic charge - Section 14 of IRO

Every person (including an individual, a partnership, a body of persons, a corporation) carried on a trade, a business or a profession in Hong Kong is chargeable to Profits Tax. But not all his profits are taxable --- indeed only the profits having a Hong Kong source, that is they are arising in or derived from Hong Kong, are taxable. Those profits earned by a chargeable person from activities outside Hong Kong is non-taxable. This basic charge is also known as territorial  taxation principle.

My first tip on profits tax:

Only the profits arising in or derived from Hong Kong are assessable. In other words, if the chargeable person has only profits derived from activities outside Hong Kong, no profits  tax liability will  arise. If the person has profits derived from Hong Kong as well as profits derived from outside Hong Kong, only the profits derived from Hong Kong are assessable.  

The charge is irrespective of whether the person is a resident or non-resident of Hong Kong. But there are special rules applicable to non-residents.

Whether a trade, a business or a profession is carried on in Hong Kong is chiefly a question of facts --- there are a number of court cases on this question.

Whether assessable profits are  derived from Hong Kong is also largely a question of facts --- there are quite a lot of court cases on this issue --- indeed a hot topic to be explored here.

 

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