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US Tax Hong Kong
1. US Tax in Hong Kong
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2. As an American citizen or say green card holder working in Hong Kong to lead
a standard lifestyle, taking care of your tax-paying responsibilities can be a
complicated task.
However, countries like Hong Kong provide certain tax advantages to their
tax payers, including a tax regime, an opportunity to earn tax-free profits
and the best among all are- low taxation rates for specified companies
engaging in the business world.
As an ideal destination for businesses as well as potential entrepreneurs who
are looking for a tax-friendly country, US tax in Hong Kong is an
exceptional choice. However, in comparison to any other country, Hong Kong
operates a simple taxation system.
There are no separate capital gains taxes, sales taxes, and withholding taxes
on dividends like in other countries. Noted that the taxation process in Hong
Kong doesn’t consider the taxpayer’s residency status, but based on the
territorial source principle.
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3. Features of US Tax in Hong Kong
System
Low taxation rate
Easier tax administration
Territorial source concept
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4. Low taxation rate- In the world, Hong Kong is the only country which charge
approx 16.5% profit tax rate which is till date one f the lowest tax charging rate
in the world.
Easier tax administration-There is no denying in saying that the tax
administration of Hong Kong is simple. There are mainly three types of direct
taxes imposed in Hong Kong- Property tax, profit tax, and salary tax. Moreover,
Hong Kong doesn’t charge for turnover tax, i.e. VAT or goods and service tax,
which is mostly charged in many other developed countries.
Territorial source concept- Hong Kong taxation system is based on territorial
sources instead of the residency concept. Unlike other countries like United
States, China, and Canada, which impose a tax on their tax residents on
worldwide income, Hong Kong has a simple taxation system in which only those
income are taxable which arise or generate in ‘Hong Kong’ itself.
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5. Contact Us
Address:-
1103-5 Allied Kajima Building,
138 Gloucester Road,
Wanchai, Hong Kong
Postal code: 518023
HK: +852 8172 1040