Tax-deductible expenses are a strategic tool for businesses to reduce their tax burden when calculating taxable amounts. Understanding the core principles and specifics of these expenses is vital for companies to effectively lower operational costs. This article explores the tax regulations governing tax-deductible expenses and provides practical guidance on applying these principles to your company’s […]
In Hong Kong, corporate income tax (profit tax) is levied under the Inland Revenue Ordinance (Cap. 112). When a company incurs losses during a tax year, these losses may be treated and declared under specific provisions. This article provides a detailed explanation of how corporate losses are treated and the relevant provisions of the Inland […]
Hong Kong is not only an international financial hub that welcomes global investors but is also one of the business-friendly cities in the world. In order to support start-ups and SMEs, the Hong Kong government has mapped out a number of programmes providing funding support for businesses in the country. These include the following funding […]
As an employee in Hong Kong, you will be eligible for severance and long service payments if you meet certain conditions. For severance payments, you will need to meet the following criteria: For long service payments, you will need to meet the following criteria: You will be entitled to either payment, but not both. How Are […]
The employment laws in Hong Kong are regulated by the Employment Ordinance. Several right, protection, and benefits fall under the ordinance. However, they are only available for employees categorised as “continuous employees.” What Is Defined as a Continuous Employee? A “continuous employee” is an employee who is employed under a contract that is continuous. This […]
The Minimum Wage Ordinance in Hong Kong is applicable to every employee, except in the case of interns or students who are exempted. The intern minimum wage exemption in Hong Kong exempts student employees under the Minimum Wage Ordinance (Cap. 608). Under this exemption, student interns and work experience students with no employment relationship to […]
Every company in Hong Kong must have a corporate or company insurance policy that covers for employees according to their job risks. Employees are the real drivers of a company as they deal with the stresses of the workload fulfil the company’s mission or trade objectives. Compulsory by Law Hong Kong’s Labour Department states all […]
The Employee Ordinance law highlights that limited companies in Hong Kong are rightfully required to take out Hong Kong Employees’ Compensation Insurance policy to conceal their liability if their worker suffers an injury or illness during the usual period of their work. Under the Employees’ Compensation, all work-related injuries regardless of the service length or employment status […]
The Mandatory Provident Fund System (MPF) in Hong Kong is a system which concerns both employers and employees alike. Both parties will be required to make regular contributions. The contributions are calculated at 5% of the employee’s relevant income, and the contributions will be subjected to the minimum and maximum relevant income levels. For an employee who […]
The staff that you hire to keep your business running successfully in Hong Kong is very important. The staffs are the heart and soul of the company, the people who keep your business and your clients happy. It is important to ensure that you hire the right staff for the right roles within your company […]