The Inland Revenue Ordinance is one of Hong Kong Hong Kong[note 3] is one of two special administrative regions (SAR) of the People's Republic of China; the other is Macau. Situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour. With a land mass of 1,104 km2 (426 sq mi) and a population of seven's Ordinances. It regulates the inland revenue In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover. Some companies receive revenue from interest, dividends or royalties paid to them by other companies. Revenue may of Hong Kong.

Contents

The most commonly used Sections

IRO Section.2 Interpretation of some terms using in the ordinance.

Property tax

IRO Section.5 Charge of property tax Property tax, or millage tax, is an ad valorem tax that an owner is required to pay on the value of the property being taxed. Property tax can be defined as "generally, tax imposed by municipalities upon owners of real property within their jurisdiction based on the value of such property." There are three species or types of property:

IRO Section.5B Ascertainment of assessable value

IRO Section.7C Rental Bad debts (irrecoverable & recovered)

Salaries tax

IRO Section.8 Charge of salaries tax Salaries tax in the Hong Kong taxation system is Direct tax and also classified as Income tax

IRO Section.9 Definition of income from employment

Profit tax

IRD Rules 5 Charge of Profit tax in respect of non-resident

IRO Section.14 Charge of profits tax Profits tax in Hong Kong is Direct tax and also classified into Income tax

IRO Section.15 Certain amounts deemed trading receipts

IRO Section.16 Ascertainment of chargeable profits In neoclassical economics, economic profit, or profit, is the difference between a firm's total revenue and its opportunity costs. In classical economics profit is the return to the employer of capital stock in any productive pursuit involving labor. These two definitions are actually the same. In both instances economic profit is the return to an

IRO Section.17 Deductions not allowed

Tax computation

IRO Section.18 Basis for computing profits

IRO Section.18F Adjustment of assessable profits

IRO Section.19 Treatment of losses

IRO Section.20 Liability of certain non-resident persons

IRO Section.20A Consignment Tax

IRO Section.22 Assessment of partnerships A partnership is an arrangement where entities and/or individuals agree to cooperate to advance their interests. In the most frequent instance, a partnership is formed between one or more businesses in which partners co-labor to achieve and share profits or losses

IRO Section.24 Clubs, trade associations An industry trade group, also known as a trade association, is an organization founded and funded by businesses that operate in a specific industry. An industry trade association participates in public relations activities such as advertising, education, political donations, lobbying and publishing, but its main focus is collaboration between, etc.

IRO Section.25 Deduction of property tax Property tax, or millage tax, is an ad valorem tax that an owner is required to pay on the value of the property being taxed. Property tax can be defined as "generally, tax imposed by municipalities upon owners of real property within their jurisdiction based on the value of such property." There are three species or types of property: from profits tax Profits tax in Hong Kong is Direct tax and also classified into Income tax

IRO Section.26A Exclusion of certain profits from tax

IRO Section.26B Concessionary deductions, general provisions

IRO Section.26C Approved charitable donations

IRO Section.26D Elderly residential care expenses

IRO Section.26E Home loan interest

IRO Section.26G Contributions to recognized retirement schemes

IRO Section.27 Allowances, general provisions

IRO Section.28 Basic allowance

IRO Section.29 Married person's allowance

IRO Section.30 Dependent parent allowance

IRO Section.31 Child allowance

IRO Section.32 Single parent allowance

IRO Section.34 Initial and annual allowances, industrial buildings and structures

IRO Section.35 Balancing allowances and charges, buildings and structures

IRO Section.37 Initial and annual allowances, machinery or plant

IRO Section.38 Balancing allowances and charges, machinery or plant

IRO Section.41 Election for personal assessment

Tax administration

IRO Section.51 Returns and information to be furnished

IRO Section.51C Business records to be kept

IRO Section.51D Rent records to be kept

IRO Section.56A Joint owners and co-owners

IRO Section.88 Exemption of charitable bodies A charitable organization is a type of non-profit organization . The term is relatively general and can technically refer to a public charity (also called "charitable foundation," "public foundation" or simply "foundation") or a private foundation. It differs from other types of NPOs in that its focus is centered

IRO Section.88A Advance rulings

External Reference

This tax To tax is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law-related article is a stub. You can help Wikipedia by expanding it.
This Hong Kong Hong Kong[note 3] is one of two special administrative regions (SAR) of the People's Republic of China; the other is Macau. Situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour. With a land mass of 1,104 km2 (426 sq mi) and a population of seven-related article is a stub. You can help Wikipedia by expanding it.

Categories: Taxation in Hong Kong Categories: Hong Kong law | Economy of Hong Kong | Government of Hong Kong | Taxation by country | Hong Kong legislation |

Personal tools
Namespaces
Variants
Views
Actions
A man engaged in waterskiing, a sport in which an individual is pulled behind a boat or a cable ski installation on a body of water, skimming the surface. Waterskiing is a relatively young sport, having been invented in the early 20th century. The skis this person is wearing are specialized for ski jumping
Navigation
Interaction
Toolbox
Print/export
Languages

 

The above information uses material from Wikipedia and is licensed under the GNU Free Documentation License.
Some facts may not have been fully verified for accuracy. [Disclaimers Wikipedia is an online open-content collaborative encyclopedia, that is, a voluntary association of individuals and groups working to develop a common resource of human knowledge. The structure of the project allows anyone with an Internet connection to alter its content. Please be advised that nothing found here has necessarily been reviewed by]
This page was last archived by our server on Sat Sep 4 06:46:56 2010. [ refresh local cache ]
Displaying this page or its contents does not use any Wikimedia Foundation's resources.
The owners of this site proudly support the Wikimedia Foundation.

[Hide]▼
'Taxation In Hong Kong' News
LCQ12: Depreciation allowance for machinery and plants - 7thSpace Interactive (press release)
7thspace.com
LCQ12: Depreciation allowance for machinery and plants - 7thSpace Interactive (press release)
Wed, 07 Jul 2010 09:46:49 GMT+00:00
7thSpace Interactive (press release) Hong Kong (HKSAR) - Following is a question by the Hon Jeffrey Lam and a written reply by the Secretary for Financial Services and the Treasury, ...
Google News Search: Taxation in Hong Kong,
Sat Sep 4 06:46:57 2010
[Hide]▲