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01Introduction to HK taxation system -s

Hksar 17 17 article 18 laws in force in the article

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Unformatted text preview: in the Article HKSAR shall be this Law, the law previously in force in HK as provided for in Article 8 of this Law, and the laws enacted by the legislature of the Region.” Region.” 18 18 Article 106 “HKSAR shall have Article independent finances, shall use its financial revenues exclusively for its own purposes, and they shall not handed over to the Central People’s Government, and Central People’s Government shall not levy taxes in the HKSAR.” HKSAR.” 19 19 Article 108 “HKSAR shall practice an Article independent taxation system, shall, taking the low tax policy previously pursued in HK as reference, enact laws on its own concerning types of taxes, tax rates reductions, allowances and exemptions and other matters of taxation.” taxation.” 20 20 Brief introduction to Inland Brief Revenue Ordinance Revenue Historical origin of the Inland Historical Revenue Ordinance Revenue War Revenue Ordinance War (1940 – 1941) (1940 “To impose war taxes and to To regulate collection thereof” regulate 21 21 Inland Revenue Ordinance (1947) “To impose a tax on earnings and To profits” profits” Based on the U.K. Commonwealth Based “Tax package” “Tax 22 22 Principles of Tax Policy Observe privacy right Does not drive away foreign Does investments investments Does not inhibit trade 23 23 Composition of the Inland Composition Revenue Ordinance Revenue Parts I to XV Sections 1 to 90 Schedules and Tables Certain general provision Section 2 - interpretations and Section definitions of terminology in IRO definitions 24 24 Section 4 – official secrecy ( Section ) Person dealing with matters covered by Person IRO shall preserve all matters of any person that may come to his knowledge person No communication with others except to No person to whom such matters relate, to Executor or to authorized representatives. Executor 25 25 CIR can communicate information to CIR Commissioner of Rating and Valuation, Collector of Stamp Duty, Estate Duty Commissioner, Income tax authorities of other countries for relief claim purposes, and to Board of Review. Review. 26 26 Section 87 ...
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