Hong Kong Tax Alert: 31 October 2013
Latest views of the Inland Revenue Department may impact your tax position
This alert discusses some of the views recently expressed by the Inland Revenue Department (IRD) in its 2013 annual meeting with the Hong Kong Institute of Certified Public Accountants (HKICPA) held earlier this year.
The topics covered below include:
- The IRD’s change in approach to determining the tax residence of an overseas bank with a branch in Hong Kong
- The applicable source rules for brokerage commission in respect of transactions executed electronically and for interest earned by insurance companies from overseas listed bonds
- Whether a discount on a note was in the nature of interest and what constitutes the notes being “marketed”
Clients should note the IRD’s latest views on the issues covered herein and review their tax position accordingly. Where necessary, clients should seek professional tax advice.