An Introduction to Doing Business in Hong Kong 2021 - Preview

6 AN INTRODUCTION TO DOING BUSINESS IN HONG KONG 2021 Part 2 | Tax, Audit, and Accounting 30 What are the major taxes in Hong Kong? 31 Key features of Hong Kong’s taxation system 31 Salaries tax (individual income tax) 31 Profits tax (corporate income tax) 35 Property tax 41 Offshore status of Hong Kong companies 43 Contract effected test 43 Operations test 43 Key compliance requirements 45 Accounting standards 45 Bookkeeping requirements 45 Financial reporting requirements 46 International taxation 48 Hong Kong’s new transfer pricing regime 48 AEOI reporting 50 Hong Kong’s double taxation agreement network 51 Part 3 | Human Resources and Payroll 56 Employer’s obligations 57 Employer’s mandatory obligations 57 Other payroll obligations 59 Salaries tax in Hong Kong 61 Employer 61 Employee 61 Case study 62