WebAs defined in Schedule 16D to the IRO, a Certified Investment Fund means a fund within the meaning of section 20AM of the IRO that is certified by the Monetary Authority (“MA”) to be in compliance with the criteria for certification published by … WebApr 28, 2024 · The Bill would enact section 16 (1) (ca), under which the existing deduction available for foreign tax paid under section 16 (1) (c) will be expanded to include foreign tax paid with respect to “specified tax”, which basically means a tax imposed by a foreign territory (whether or not a DTA territory) that is charged on a taxpayer’s gross income …
Cap. 112 Inland Revenue Ordinance - Section 16C …
WebThe main thrust of IRO Section 20(2) is to ensure that any transactions a Hong Kong resident has with a closely connected non-resident are conducted in a reasonable manner, as if transacting with a third party in accordance with the arm’s-length principle. Section 20(2), however, has historically been perceived as having limited practical Webexclusion approach under Section 8(1A)(c) of the IRO3 or the tax credit approach under Section 50 where a DTA applies. The Amendment Ordinance removed the income exclusion approach in situations where (i) the foreign jurisdiction has concluded a DTA with Hong Kong; and (ii) the taxpayer is eligible to claim a tax credit under Section 50. how does cherry eye happen
Hong Kong proposes new rules enhancing deductibility of foreign tax
WebFeb 25, 2024 · Under section 20AN(2)(c) of the IRO, an OFC is exempted from payment of profits tax if the profits are earned from transactions in assets of a class that is not specified in Schedule 16C to the IRO (“non-Schedule 16C class”). However, profits tax exemption is inapplicable where the OFC carries on a direct trading or direct business ... WebThe key provisions of the Bill amend section 16(1)(c) and introduce the new section 16(1)(ca) to the IRO. Amendment to section 16(1)(c) Section 16(1)(c) is a double tax relief provision which is relatively limited in its application. It only applies in respect of certain interest income and gains on debt instruments that are deemed taxable ... WebSection 16 then specifies what is to be excluded when calculating the taxable profits. We will return again to the specific format of section 16 when we have dealt with the other … photo cauchemar