Sunnyvale, CA (PressExposure) March 19, 2013 -- The measures are expected to help further increase Hong Kong's attractiveness as a business destination for companies expanding globally.
Key highlights of the Hong Kong budget prepared by the international tax services team at Nair & Co.
Hong Kong Direct Taxes
A proposed reduction of 75% to Profits Tax for the year of assessment 2012-13 subject to a cap of HK$ 10,000 per case.
Salary tax and tax under personal assessment for the year of assessment 2013-12 to be reduced by 75% with a cap of HK$ 10,000 per case.
Additional one-off child allowance (in the year of birth) and Child allowance are to be increased to HK$ 70,000 from the current HK$ 63,000.
The deduction limit on self-education expenses is to be raised by HK$ 20,000 to HK$80,000.
Recipients of Old Age Allowance, Old Age Living Allowance, Comprehensive Social Security Assistance and Disability Allowance are to receive an additional allowance which is equal to one month's allowance.
Hong Kong Indirect Taxes
Waiver on Business Registration Fees and Property Rates
For the year 2013-2014, business registration fees are to be waived.
Property rates for 2013-14 are to be waived with a cap of HK$ 1,500 per apartment per quarter.
For a detailed international VAT guide contact us at email@example.com
Subscribe to regular global tax compliance alerts from Nair & Co. [http://www.nair-co.com/subscribe.aspx]
For more information on this topic email firstname.lastname@example.org or to know more about our international tax consulting team and international tax services please contact us at [http://www.nair-co.com/global-offices.aspx]
Nair & Co. provides you with your one touch outsourced finance, HR, legal and global tax compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at http://www.nair-co.com
Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts.