Author: Global Vision
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“I am the Boss” sharing
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Exchange of Tax Information
Hong Kong, as a responsible member of the international community, is committed to enhancing tax transparency and preventing tax evasion. There are two types of exchange of information instruments: the exchange of information article incorporated in the Comprehensive Double Taxation Agreements / Arrangements (DTAs) and Tax Information Exchange Agreements (TIEAs). Hong Kong’s treaty partners may […]
Transfer pricing regulatory regime mandates Hong Kong entities to prepare transfer pricing documentation, namely master file, local file and country-by-country report, requires a Hong Kong entity to articulate and execute a consistent transfer pricing policy and provide the Assessor with useful information for assessing transfer pricing risks. Transfer pricing documentation requires a summary of the […]
A businessman was sentenced to 18 months’ imprisonment and ordered to pay a total fine of $11,700,000, equivalent to approximately 150% of the total tax evaded after being convicted of tax evasion at the Wan Chai District Court today (May 16). The defendant, aged 43, was a director of Company A, as well as a […]
A property investment company was convicted today (March 19) at the Eastern Magistrates’ Courts for failing, without reasonable excuse, to inform the Commissioner of Inland Revenue (CIR) of its chargeability to profits tax for the years of assessment 2006-07, 2007-08, 2008-09 and 2010-11, contrary to sections 51(2) and 80(2)(e) of the Inland Revenue Ordinance (IRO) […]
A taxpayer was convicted today (February 20) at the Kwun Tong Magistrates’ Courts on three charges in relation to omitting rental income and incorrectly claiming deductions of home loan interest when filing returns for property tax and salaries tax. He was fined $3,000 ($1,000 for each charge) plus a further fine of $8,537, equivalent to […]
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Notify Change Of Company Address In 14 days
In November 2014, AdBeyond (Group) Limited (CR No. : 1119360) was prosecuted by the Companies Registry and convicted at the Eastern Magistrates’ Courts under section 158(4) of the predecessor Companies Ordinance (i.e. the Companies Ordinance, Cap.32, as in force before the commencement of the Companies Ordinance, Cap. 622) for failing to notify the Registrar of […]
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Failing to hold AGM
In February 2019, LAM WAI KEUNG, as a director of MY FAIR BEAUTY LIMITED (CR No. 1931404) (“the Company”), was prosecuted by the Companies Registry and convicted at the Eastern Magistrates’ Courts (i) under section 610(1) of the Companies Ordinance, Cap. 622 (“the Ordinance”) for failing to hold annual general meetings of the Company for […]
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Unfair Preference in winding up
A company does something or suffers anything which lead to an effect of putting a creditor or guarantor into a better position in the event of insolvent liquidation, such action is regarded as an unfair preference. Relevant time for such unfair preference, is a time in the period of 6 months before the commencement of […]