IRD’s Latest Views on Hong Kong Tax Residency
Companies looking to obtain Hong Kong tax residency might be required to provide evidence of their commercial substance in the SAR, such as whether the number of employees is proportionate to the level of activity carried out in the city.
At a webinar on 13 July, Kenneth Wong, Tax Partner at PwC, guided members through the process of applying for a Hong Kong tax resident certificate to be able to claim the benefits granted under the SAR’s tax treaties. He also explained how the applications might be impacted by the imposition of travel restrictions and remote work during the COVID-19 pandemic.
He was joined by fellow Senior Tax Manager Horace Wan, who spoke on the Mainland’s latest policy on assessing beneficial ownership statutes and its effect on the vetting of Hong Kong tax resident certificate applications. He also provided case studies on the Inland Revenue Department’s approach to reviewing these applications.
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