Tax And Corporate Services

 

 

Taxation is a matter of public concern in Hong Kong, a Special Administrative Region of the People's Republic of China. The region is well known for its low tax rates, relaxed business rules and low costs of living. As Hong Kong develops into an open market and becomes more dependent on international trade and investment, it is essential to undertake comprehensive tax and corporate service planning to meet these changes and continue to enjoy strong trading relationships with international partners. Visit https://www.hkwj-taxlaw.hk/ for professional tax services.

 

The tax system in Hong Kong is administered under the taxation authority of the Hong Kong government. This includes taxation on income, corporate services, estate and gifts, and many other areas of tax law. In addition to taxation, businesses have to register at the Companies Registry Office to set up a company and receive all the legal requirements applicable. At the Companies Registry office, all relevant tax codes for the area are collected and the appropriate tax amount is entered by the company, including its staff, into the computer system used to manage the company's accounts.

 

Companies are required to obtain an application form from the Registration Office. The applicant must also pay a registration fee and submit two sets of prescribed documents as proof of identity and age. After reviewing the application, the Registrar of Companies will give a decision either accepting or rejecting the registration. If the Registrar agrees to take the company into its registered hands, the office will issue a register called the Corporate Service Certificate. The certificate will contain all the necessary tax information and instructions for paying tax and other related services.

 

The Registration Office can grant certificates for the most basic tax services such as paying tax withholding and quarterly payments. However, the certificate will not include other tax issues such as property rental, land rent and capital gains tax. Other important tax issues such as stamp duty and Excise duties will be handled by the local authorities. A company needs to apply for a tax certificate annually.

 

Businessmen who have their offices in Hong Kong should get their tax affairs in order by getting their tax returns filed properly. There are several accounting professionals offering tax services in Hong Kong. Most firms handle both domestic and foreign tax matters. Some specialize in Hong Kong tax services only, while there are some that provide all services. Some accounting firms offer a free consultation to companies with tax concerns. View here for more details on  professionals offering tax services.

 

The tax regulations and changes vary according to country, so it is recommended that you contact your tax service provider periodically for updates. You may find that some tax laws in your country may not be applicable in Hong Kong. You need to understand your tax situation thoroughly before taking any tax decisions. Tax authorities may change the rules frequently, so it is best to stay in touch with your tax service provider for up to date information. Paying taxes in time is one way of avoiding tax penalties and fines. If you probably want to get more enlightened on this topic, then click on this related post: https://en.wikipedia.org/wiki/Income_tax .