First registration tax hong kong. hydrocarbon oil and methyl alcohol.

First registration tax hong kong Find out the details and download related Streamlined Online Business Registration Hong Kong Guide. manufactured locally. 25%. is exempted fully for electric commercial vehicles. A) Contents Regulation Page 1. When a person incorporates a local limited company, you have essentially also applied for the number business registration as well. The FAIM label is your global assurance for a smooth, safe and comprehensive relocation process. Age – the "Old PC" must have been first registered in Hong Kong for at least 6 years when its registration is cancelled owing to scrapping; (c) Ownership period Motor Vehicles (First Registration Tax) Ordinance (Cap. Among others, the reliance on a narrow schedule of income taxes means that Hong Kong 's tax revenue may suffer in the event of an economic downturn. C-1 Motor Vehicles (First Registration Tax) Regulation (Cap. which handles Hong Kong company registration. Cars that are high in value usually end up facing From 1 April 2024 to 31 March 2026, the first registration tax (FRT) concession cap is adjusted to $58,500* for electric private cars. View Profile View Forum Posts Join Date May 2005 Location Sai Kung Posts 4,139. However, to kickstart business activities officially, it's also essential to complete another step: register the company with the Business Registration Office of the Inland Revenue Department and obtain a Business "Cutting the first registration tax exemption for electric private cars is misguided and ineffective. 25% (HKD The applicant may contact the Hong Kong Council of Social Service at 2864 2934 for details. An application fee applies for the registration as a Hong Kong Registered Wine Exporter (HK$495 for new registration The Financial Secretary announced today (August 20) the extension of the deadline of the current first registration tax (FRT) concession arrangement for electric vehicles (EVs) for three years to March 31, 2024. For electric private cars, there is A Business Registration Certificate is required for all local and non-Hong Kong companies operating in Hong Kong. Tax Bands and Rates for the Year 2023/24: 2% on the first HK$50,000 The Government will start implementing the new first registration tax (FRT) regime for electric vehicles (EVs) from April 1 2017, which will last up to March 31, 2018. Department or through the Motor Vehicles First Registration Tax System if client needs to use the car/motorbike in HK, fail to file the import return within 30 days of The first registration tax (FRT) The 22nd Hong Kong Food Festival begins today (12-25 13:10) Fireworks light up Victoria Harbor through Christmas holidays (12-25 12:31) The Revenue (First Registration Tax and Licence Fees for Motor Vehicles) Ordinance 2021 had been passed by the Legislative Council previously and was published in the Gazette today (June 11). The registered owner and a registered distributor (if applicable) should also declare to the Hong Kong Licensing Office on application form TD 469 the details of accessories fitted to and/or taxable warranty obtained for the motor vehicle within six months after first registration, and pay the additional first registration tax attributable to In order to relieve traffic congestion brought by the rise in private cars, Hong Kong’s finance chief has proposed increasing the rate of each tax band for the first registration tax for private For e-PCs that have been ordered on or before February 28, 2024, or have been arranged by the vehicle owners to be shipped to Hong Kong for their own use, even if the e-PCs have not been first registered before April 1, 2024, they are still entitled to the FRT concession before adjustment, provided that the relevant local registered The Government announced on 28 February 2024 that the first registration tax (FRT) concession arrangement for electric vehicles will be extended for two years up to 31 March 2026. On the first registration of a motor vehicle, a first registration tax is charged. New business and first-time tax filers benefit from an 18-month grace period for their initial tax filing. Its appeal is undeniable: a business-friendly environment, enticing tax benefits, and an English-speaking setting have propelled it to the top as the world’s freest economy for 25 consecutive years. With a pro-business administration, tax breaks for startups, a well-functioning judicial system, and cutting-edge tech infrastructure, it is considered to have the most free economy in the world. These This week, learn what you need to do when you buy a new car in Hong Kong. Financial Secretary Paul Chan defended tax and fee increases on private vehicles on a radio programme on Thursday. When applying for first registration of your vehicle, you should submit a completed application form (Form No. ) Step 5 : Calculation of First Registration Tax 5. Provide subsidy for Open-ended Fund Companies to set up in or re-domicile to Hong Kong. Before we go into the requirements of business registration in Hong Kong, it's crucial to understand the How is First Registration Tax (Hong Kong) abbreviated? FRT stands for First Registration Tax (Hong Kong). Corporate tax cut. 11. A BRN is not the same as a Company Registration Number (CRN). Implementation of the Revised First Registration Vehicle Status. Furthermore, the Government has set out in this year's Budget the formulation of Hong Kong's first road map on the popularisation 9. 330), unless prior approval is obtained from the Commissioner for Transport, a registered vehicle owner must not sell a motor vehicle which was first registered in Hong Kong on or after 1 August 1994 at a price greater than the aggregate of the taxable value of the motor to put the vehicle into the state to meet first registration requirements. The first thing you must do once your company is incorporated is to register your business with the IRD for tax purposes. Hong Kong follows a territorial taxation policy and companies are This guide covers everything you need to know about company registration in Hong Kong, offering a step-by-step guide from the start to post-incorporation. That the Its a reduced tax rate of 8. It includes representative offices of overseas companies, companies letting out property in Hong Kong, and various trades and professions. 1 All motor vehic les and motor cycles seeking first registration in Hong Kong must comply with the requirements of the Air Pollution Control (Vehicle Design Standards)(Emission) (First Registration Tax) Ordinance, Chapter 330, by filing an Import Return (CED336) in respect of the imported vehicle to :-Address . : 2804 2599) together with the supporting documents as prescribed in the application form. No Hong Kong Tax and nvestment Guide 2024 Taxation on businesses: profits tax Overview Persons chargeable Corporations, partnerships, trustees and bodies of persons carrying on a trade, profession or business in Hong Kong are subject to tax on Hong Kong-source profits (excluding profits arising from the sale of capital assets). An example is the provision of first registration tax (FRT) concession arrangement for EVs, which includes the "One-for-One The first step in setting up a company in Hong Kong is to incorporate it in accordance with the guidelines outlined in the Companies Ordinance. The Transport Department (TD) will revise the categorisation and description of "vehicle status" with effect from 2 January 2019 with a view to providing more objective First Registration Tax. C-1 It is worth noting that although Hong Kong does not impose car import duties, the high first registration tax makes Hong Kong one of the most expensive places in the world for cars. This means you won’t see an option to add your registration for Hong Kong to Stripe and collect taxes from your customers based in Hong Kong. Shipping Companies that provide vehicle shipping services to Hong Kong. However, some specific goods are subject to a specific rate of import duty, such as tobacco, which is subject to Hong Kong is a prime destination for global entrepreneurs because of various factors, such as its strategic location, favourable corporate tax rates, and, most importantly, its territorial tax system, which exempts foreign-sourced income from taxation. Hong Kong has an efficient public transport system with diverse transport choices, the number of private cars in Hong Kong has climbed Figure 2 — First registration tax annual licence fee and adjustments introduced, and newly registered cars from 1978 to 2018* Note: (*) See . New search features Acronym Blog Free tools "AcronymFinder. R. Apply for Entry to Hong Kong under the Top Talent Pass Scheme (TTPS) More Top Online Services > The corporations’ assessable profits are taxed at a lower rate for the first HK$2 million under the two-tiered tax rate scheme. Since EV owners receive a preferential tax rebate and fee discount, these policies have worked primarily to make fossil fuel vehicles cost-prohibitive and The Hong Kong government introduced the first registration tax (FRT) concession arrangement (commonly known as the One-for-One scheme) in 2018, and this scheme has been in place for nearly 6 years. If you have a copy of the Employer's Return, enclose a copy for ease of reference. The Customs and Excise Department (C&ED) is responsible for the assessment and collection of taxes on goods imported and exported from Hong Kong. First registration tax; Registration fee; Vehicle license fee; Levy to the Traffic Accident Victim Assistance Fund for the licensing of the vehicle; Hong Kong Licensing Office of Transport Department. First Registration Tax (FRT) Concessions for Electric Vehicles (until 31 March 2024) The latest incentives on Electric Vehicles in Hong Kong. Additionally, the rebate amount for the first registration tax, which encourages The required vehicle first registration tax of HK$717,500 was completely waived until the government changed its policy last year. You are required to prove your vehicle is fully compliant with the emission standards in the Air Pollution Control (Vehicle Design Standards)(Emission) Regulation and Noise Control (Motor Vehicles) Regulation. Public Transport in Hong Kong. An experienced HR must administer payroll in Hong Kong and satisfy all tax, withholding, and payroll-related requirements. 4 billion in Act in concert with Hong Kong’s target to achieve carbon neutrality before 2050 2020 Government Taking the Lead EV as standard for government Offering first registration tax (FRT) EV Models in Hong Kong. Registration and licensing. Compliance with and More Detailed About Hong Kong's Withholding Tax Hong Kong is well Hong Kong TIN number guide Hong Kong Identity Card (HKID) number The Hong Kong Identity Card (HKID) serves as the official identification document issued by the Immigration Department of Hong Kong, China. 5% for corporations. Congratulations on taking the first step towards considering establish your business presence in this global financial hub. The FRT concession cap for private car (PC) owners eligible for the "One-for-One" Scheme will be adjusted to HK$172,500. On a smartphone or a tablet, you can simply pinch open on the In Hong Kong, there are two alternatives for profit tax rates. Search. Electric private cars purchased before Thursday and those set to be shipped to First Registration Tax Provision of Information on Motor Vehicles: DCA61: OSCS02: Application Form for Hong Kong Authorized Economic Operator (AEO) Programme: OSCS02 / Online Form: N/A: Dutiable Commodities Code Application Template - Cigarette: (ITFS) Registration Form: Online Form: Note: The Business Registration Number (BRN), i. Find. The aggregate maximum tax deductible limit for “Tax Deductible MPF Voluntary Contributions” (TVC) plan and QDAP is HKD 60,000 per taxpayer during the year of assessment if choosing “Individual Taxpayer”; the aggregate maximum tax deductible limit is HKD 120,000 if married couples have taxable income during the year of assessment. Appendix II for details on tax and fee adjustments. Hong Kong has taken one step further in making business registration convenient by allowing businesses to undergo this process online also. At present, 380 EV models from 17 economies have been type-approved by the Transport Department. 5% on the remainder. Car Insurance in Hong Kong. Accumulated concessions exceeding $7. Department or through the Motor Vehicles First Registration Tax System if client needs to use the car/motorbike in HK, fail to file the import return within 30 Drafting and Making Legislation in Hong Kong. search. 2. 25-02-2011, 07:19 AM #5. C-1 8E 3ë Motor Vehicles (First Registration Tax) This User Manual provides the relevant information and guidance on the submission of Import Returns through the web-based First Registration Tax (FRT) System. Find the incentive that suits you best: Drafting and Making Legislation in Hong Kong. Motor Vehicles (First Registration Tax) (Depreciation) Regulations (Cap. 9 tonnes are 35% on the first $150,000 of vehicle taxable value, 65% on the next $150,000 and 85% on the remainder. Under the Motor Vehicles (First Registration Tax) Ordinance (Cap. My specific responses are as follows: (1) The respective total numbers of EVs exempted from the payment of FRT under the Motor Vehicles (First Registration Tax) Ordinance in each of the past 10 financial years are set out in the Annex II. Eligibility: Companies with profits of up to HK$2 million are eligible for this tax cut in Hong Kong. Effective from 11 am on 28 February 2024, the rate of BSD payable is reduced to 0%. Motor vehicles are subject to First Registration tax. Customs guide HONG KONG The global quality standard for international moving. Mobile Apps. the first eight digits of the Business Registration Certificate number, in Hong Kong is a unique 8-digit number issued by the Inland Revenue Department (IRD) and serves as the tax identification number (TIN) for businesses. The first HKD 2 million of assessable profits is taxed at a rate of 8. An overview of the 2023/24 budget speech and its impacts on businesses in Hong Kong. FRT is defined as First Registration Tax (Hong Kong) very frequently. 330) Please see Hong Kong e-Legislation (https://www. the government has decided to extend the 3. The typical cost of utilising a business registration service in Hong Kong is HK$2,150, and additional charges for late renewal of Doing Business in Hong Kong. In Hong Kong, vehicles have a number of registration and licensing requirements that must be met before they’re legally allowed to take to the road. 5% tax rate) for the first HKD 2 million profits generated by companies having business in Hong Kong. Failure to submit tax returns on time may result in penalties and additional The Historical Laws of Hong Kong Online is a full-text image database providing access to past revised editions of Hong Kong Laws. common to impose tax reduction/exemption measures on purchasing EVs (Table 2). About us Extending the first registration tax A sole proprietorship in Hong Kong is a simple business structure where a single individual owns and operates the business. 330B 9HUL¿HG&RS\ Title: Motor Vehicles (First Registration Tax) Regulation Author: Government of the HKSAR Subject: legislation Keywords; Legislation; Law; Hong Kong Created Date: HK Customs' Motor Vehicles First Registration Tax System to be launched tomorrow (with photo) 27 Nov 2011. These include 297 models for private cars and Increase the rates of each tax band for the first registration tax for private cars (including electric private cars) by 15% and the vehicle license fee by 30%. This is the second budget he has prepared for the current-term government led by Hong Kong SAR Chief Executive John Lee Ka-chiu. . hk) for information of provisions and amendments not yet in operation. 00, rising to 115% on higher value cars. 25% for eligible companies. Copy of “Record of Registration” stamped by Customs & Excise Department for importing/distributing motor vehicles of the authorized local representative according to Motor Vehicles (First Registration Tax) Ordinance, Cap 330; 10. standard, medium and quick)) in their car parks: the Hong Kong Housing Authority, the Hospital Authority, the Urban Renewal Authority, the Hong Kong Housing For e-PCs that have been ordered on or before February 28, 2024, or have been arranged by the vehicle owners to be shipped to Hong Kong for their own use, even if the e-PCs have not been first registered before April 1, 2024, they are still entitled to the FRT concession before adjustment, provided that the relevant local registered To disincentivize private car ownership of all types, Hong Kong has implemented a Vehicle First Registration Tax, an annual vehicle license fee, parking space costs and parking fees. First registration tax concessions for electric Propose to increase the rate of each tax band for the first registration tax for private cars (including electric private cars) by 15% and the vehicle licence fee by 30%. The BRN, issued by the Inland Revenue Department, functions as a tax ID for businesses, while the CRN, provided by the Companies Registry, legally identifies incorporated companies in Hong Kong. This is why Hong Kong taxes are regarded as business friendly hydrocarbon oil and methyl alcohol. Issue electronic consumption vouchers in instalments with a total value of HK$5,000 to each eligible Hong Kong permanent resident and new arrival aged 18 or above. com. Find out the details and download related application forms from Guidelines for Importation & Registration of Motor Vehicle; Guidelines for Importation & Registration of Pure Electric Vehicle (PEV) and Plug-in Hybrid Electric Vehicle (PHEV) First Registration Tax Concessions for Electric Vehicles The Government announced on 28 February 2024 that the first registration tax (FRT) concession arrangement for electric vehicles will be extended for two years up to 31 Upon the verification of your submitted document, you are required to pay first registration tax and registration fee for the registration of your vehicle, and pay vehicle licence If you browse Motor Vehicles First Registration Tax System (FRT) on a desktop computer, a modern web browser will allow you to hold down the Ctrl key (Command key on a In accordance with the Motor Vehicles (First Registration Tax) Ordinance, all motor vehicles for use in Hong Kong irrespective of the age are subject to the payment of first All motor vehicles for use on the roads of Hong Kong Special Administrative Region (HKSAR) are subject to the First Registration Tax under the Motor Vehicles (First Registration Tax) The Government announced in the Gazette today (February 24) that the following adjusted first registration tax (FRT) rates for private cars (PCs) take effect from 11am on Please see Hong Kong e-Legislation (https://www. Parking Certificate for Drivers Who Carry People with Mobility Disabilities : 1. Other handling charges and potential testing costs in Hong Kong; 4. Printer friendly. Menu Search. very little freedom of travel in these way, no where to get away, so no car needed to get there. Learn more about the taxes that apply in Hong Kong at the tax authority. If you browse Motor Vehicles First Registration Tax System (FRT) on a desktop computer, a modern web browser will allow you to hold down the Ctrl key (Command key on a Macintosh) and press the + or - key to increase or decrease the text size, and 0 to go back to the default size. Hong Kong maintains a simple and efficient tax system with a competitive profits tax rate and a territorial basis of taxation, all aimed at promoting economic development. 330, section 4C) (Enacting provision omitted E. Primary Education. At present, transport makes up around 20 per cent of total carbon emissions in Hong Kong. 330 sub. First Registration Tax (FRT) Concessions FRT concessions and One-for-One Replacement Scheme for e-private cars. Hong Kong’s financial reporting standards emulate the International Financial Reporting Standards (IFRS). 5% of the total number of vehicles. You'll normally see in dealer price lists and contracts that prices with first registration are not guaranteed and are subject to change. 25% (50% of the 16. The amount of tax payable will Motor Vehicles (First Registration Tax) Regulation ScheduleS-4 Cap. Copy of dealership agreement between the manufacturer and authorized local representative in Hong Kong; and 11. These adjustments have been gazetted for taking effect on the same day. The maximum first registration tax concession for electric private cars will be cut from HK$97,500 to HK$58,500. Tax Incentives for Environment-friendly Commercial Vehicles ; Ex-gratia Payment Scheme for Phasing Out Euro IV Diesel Commercial Vehicles . 25% for corporations. Education & Training. It is essential for legal business operations and tax payments in Hong Kong. Both of Hong Kong Tax Guide 2020 5 Taxation for businesses : profits tax Persons chargeable - Corporations, partnerships, trustees and bodies of persons carrying on a trade, profession or business in Hong Kong are subject to tax on Hong Kong-source profits (excluding profits arising from the sale of capital assets). 2 of 2021) [24 June 1994] The first registration tax rates of van type goods vehicles weighing up to 1. Under the regime, a company incorporated outside Hong Kong can apply to re- domicile to Hong Kong while maintaining its legal identity and business continuity, subject to certain conditions. Road and Traffic Conditions & Special Arrangements. Get expert advice on company registration in Hong Kong from the perspecitve of a corporate law firm. New cars, in particular, require first registration and licensing from the Transport Department. Before starting a business in Hong Kong, it needs to be registered with the government. A registered motor vehicle distributor shall, before selling a motor vehicle for use in Hong Kong, obtain the "published retail price (PRP)" approved by the Your name, Hong Kong Identity Card number, postal address, day-time contact telephone number, and. Rates of depreciation 2 3. gov. Abbreviation to define. Photo: Felix Wong 20th August 2020 – (Hong Kong) The Financial Secretary announced today the extension of the deadline of the current first registration tax (FRT) concession arrangement for electric vehicles (EVs) for three years to 31st March, 2024. : TD22 ) to the Hong Kong Licensing Office of Transport Department (Tel No. 330), first registration tax (FRT) is levied on all motor vehicles for use in Hong Kong. 5 When the declared value is considered to reflect market value of the vehicle and the vehicle was registered in the name of the applicant in a place outside Hong Kong before its importation into Hong Kong, depreciation for the vehicle may be allowed, provided that valid An overview of the 2023/24 budget speech and its impacts on businesses in Hong Kong. 330), unless prior approval is obtained from the Commissioner for Transport, a registered vehicle owner must not sell a motor vehicle which was first registered in Hong Kong on or after 1 August 1994 at a price greater than the aggregate of the taxable value of the motor A double-deck KMB ebus rolls out during a trial run in Kwun Tong on July 27, 2023. Given that Hong Kong is a small and densely-populated city, the Government has been encouraging the public to take public transport instead of driving private cars (PCs) for commuting, in order to optimise the use of limited road space. A new Business Registration Certificate will be presented at your place of work soon thereafter. As at end of October 2024, the total number of EVs is about 105 000, representing about 11. Remote payroll: This HR payroll Hong Kong option in the Hong Kong payroll guide represents that combining Hong Kong does not have a general import tax system. 3. An electric car priced at HK$600,000 will require the buyer to pay about HK$487,500 in first registration tax after the capped waiver, taking the total cost of buying the car to almost HK$1. The Financial Secretary of the Hong Kong Special Administrative Region (Hong Kong SAR), Paul Chan Mo-po, delivered the 2024-25 Budget Speech on 28 February 2024. camping, fishing, these type activity in traditional form do not exist, camping in hong kong is much like setting up tent in a park, can get taxi to drop you off, where The increases, effective from 11am on Wednesday, pushed the first registration tax for newly purchased private cars to 46 per cent of the first HK$150,000 of the vehicle’s taxable value, 86 per Import Customs guide HONG KONG The global quality standard for international moving. Vehicle First Registration and Taxation. To better serve the public and the motor vehicle trading industry, Hong Kong Customs will launch the online Motor Vehicles First Registration Tax (FRT) System tomorrow (November 28). (CALVIN NG / CHINA DAILY) The proposed concessions reduction for the first registration tax (FRT) on electric vehicles (EVs) is not expected to have a significant impact on Hong Kong people’s willingness to purchase EVs, Tse Chin-wan, secretary for environment and ecology, Motor Vehicle First Registration Tax. Motor vehicle first registration tax Hong Kong Registration tax for private cars is 40% on the first $150,000. elegislation. As a one-off arrangement, e-PCs ordered by buyers from locally registered distributors or arranged for shipment to Hong Kong by their owners before 11am on February 22, 2017 A BSD is payable on acquisition of Hong Kong residential properties by any person other than a Hong Kong permanent resident. Hong Kong’s corporate tax cut, known as the two-tiered profit tax rate, reduces the statutory rate of corporate tax from 16. To work towards the goal of achieving carbon neutrality before 2050 in Hong Kong, development of green transport is paramount. Most goods imported into Hong Kong are subject to a zero rate of import duty. "A Guide for First Time Salaries Tax Taxpayers The first registration tax was last adjusted in 2011. The “One-for-One Replacement” Scheme has been used on 90% of first registered e-private cars since its launch. Schumacher According to the Motor Vehicles (First Registration Tax) Ordinance (Cap. Tax *One-off Cost- If you purchase a new vehicle, remember to pay your first registration tax *This is calculated by the published retail price or provisional taxable value, assessed by the Customs Excise Department. jaykay. However Hong Kong does impose other taxes on businesses, including a profits tax. 25% and 7. The process for business registration in Hong Kong operates a two-tiered Hong Kong profits tax rate system:. The first is the Single-Tier Corporate Tax System, which levies a 16. % and 15% for profits thereafter. 1 million. The Chief Executive's 2024 Policy Address. There is no transfer/turnover tax in Hong Kong SAR. The FRT of a motor vehicle is calculated on the basis of the taxable value of the motor vehicle and in accordance with the percentage for that vehicle class as specified. : TD22) to the Hong Kong Licensing Office of Transport Department (Tel No. 25% on the first HKD 2 million of profits, 16. Search All Government. The database comprises a total of seven consolidations of the laws of Hong Kong: 1890, 1901, 1912, 1923, 1937, 1950, and 1964 (last updated to 1989). Who is the Tax Authority in Hong Kong. By post – You ought to send a copy of your old Business Registration Certificate with a crossed check made payable to “The Government of the Hong Kong Special Administrative Region” to the Business Registration Office. 5 percent tax on assessable profits on corporations and a 15% tax on unincorporated businesses. This registration process occurs at the Hong Kong business registration office. Private cars in Hong Kong Figure 1 – Long term trend of licensed private car number(1) Note: (1) All vehicles imported into Hong Kong must be registered and levied a first registration tax, and all vehicles can be driven on roads only with a licence issued by Transport Department. Government Forms for Non-Residents. Hong Kong imposes higher tariffs on alcoholic products: - Liquor with an alcohol content of 30% or above: HK$100 per liter. Who is eligible for the Parking Certificate? (First Registration Tax) Ordinance (Chapter 330), a disabled person is not liable to pay the motor vehicles first First Registration Tax (FRT) Concessions FRT concessions and One-for-One Replacement Scheme for e-private cars. A Government spokesman said, “The current FRT concession arrangement for EVs is scheduled to end on 31st March, 2021. It is mandatory for all residents aged 11 and above, with certain exemptions. : (852) 2804 2637 or Fax No. In the 2024-25 Hong Kong’s Complete Guide to Business Registration Hong Kong is a prominent market for global investors and entrepreneurs, positioned near China and the Asia-Pacific area. Computation of amount of depreciation 2 Last updated date 20. The FRT concession cap for PC owners eligible for the "One-for-One Replacement" Scheme is adjusted to very few place to go in hong kong that government do not want you to go, so public transport is offered everywhere you will go. The tax concessions for newly registered environment-friendly commercial vehicles of the above vehicle classes are subject to vehicle-class-specific The "First Registration Vehicle Status" (thereafter the "vehicle status") is a description shown on the vehicle registration document for all vehicles registered in Hong Kong. The maximum first registration tax concession for electric private cars will be reduced from HK$97,500 to HK$58,500. Upon submission of the NNC1, it will usually take 4 working days for the Certification of Incorporation and the Business Registration Certificate to be available. Driving Licences & Tests. Pre-Primary Education. the period from the first registration date Hong Kong Tax and nvestment Guide 2023 Taxation on businesses: profits tax Overview Persons chargeable Corporations, partnerships, trustees and bodies of persons carrying on a trade, profession or business in Hong Kong are subject to tax on Hong Kong-source profits (excluding profits arising from the sale of capital assets). 5. Drafting Legislation in Hong Kong— A Guide to Styles and Practices; How Legislation is Made in Hong Kong— A Drafter’s View of the Process; Articles. Road Network & Facilities. The draft legislation to implement an inward company re- domiciliation regime in the Hong Kong SAR (Hong Kong) was gazetted on 20 December 2024. In 2014-15, the Government collected excise duties of $10,010 million and FRT of $9,549 million. Taking [] (5) whether it knows the respective numbers of EVs currently owned and in use by the following organisations, as well as the numbers of EV chargers (with a tabulated breakdown by type (i. Hong Kong, a thriving trade hub, has consistently attracted investors and entrepreneurs looking to connect the West and the East. Citation 2 2. Alcohol tariff. Format. All motor vehicles which are for use in Hong Kong and have not been first registered in Hong Kong are subject to the First Registration Tax (FRT). Subsequently, company chops, seal (if required), a set of Articles An example is the provision of first registration tax (FRT) concessions arrangement for EVs, which includes the “One-for-One Replacement” Scheme. The Inland Revenue Department ("IRD") administers the tax regime in Hong Kong Registering a Hong Kong Business. My GovHK < back. But it’s not the only incentive option available. It is to be hoped that the new finance chief will instead adopt some or all of the more viable suggestions above, every one of which will genuinely help (2) of the number of newly registered EVs in Hong Kong in each of the past three years; whether it will provide economic incentives to boost the popularisation rate of EVs, such as reviewing the eligibility criteria for and the first registration tax (FRT) concessions offered by the "One-for-One Replacement" Scheme (which provides higher FRT Salaries tax in Hong Kong uses a progressive tax system, meaning the tax rate you pay increases as your taxable income rises. The Ordinance seeks to give effect to the increases of the first registration tax and vehicle licence fees for private cars as announced in the 2021-22 Keynotes to minimize your tax liability. With the current Laws of Hong Kong available on the web, the Historical Laws of Hong Kong Online A Transport Department spokesman said private vehicles ordered or set to be imported into Hong Kong before 11am yesterday will pay the first-time registration tax at the old rates. A source from the government indicated four out of six carmakers sells EVs in that The corporate tax rates apply on the company’s overall profits during the tax year, with the first HKD 2 million being at 8. Thus for example if a corporation makes HKD 10 million dollars during the year, the first HKD 2 million would be taxed at 8. We will revert to you with the current age (i. On a smartphone or a tablet, you can simply pinch open on the Apart from continuing to provide first registration tax (FRT) concession up to $97,500 for the purchase of electric private cars (e-PCs), the Government launches Age – the “Old PC” must have been first registered in Hong Kong for at least 6 years when its registration is cancelled (de-registration) owing to scrapping, 24th February 2021 – (Hong Kong) The Government announced in the Gazette today that the following adjusted first registration tax (FRT) rates for private cars (PCs) take effect from 11am on 24th February, 2021: Original tax rates The first registration tax (FRT) concession arrangement for electric vehicles (EVs) is extended till March 31, 2026. Increase the rates of each tax band for the first registration tax for private cars (including electric private cars) by 15% and the vehicle license fee by 30%. However, while setting up a company in Hong Kong is relatively straightforward, qualifying for offshore tax In order to incorporate a Hong Kong Limited, one would need first of all the desired company name and the completed incorporation form NNC1. The vehicle first registration tax in Hong Kong is designed The Government announced in the Gazette today (February 24) that the following adjusted first registration tax (FRT) rates for private cars (PCs) take effect from 11am on February 24, 2021 (Hong Kong time): Original tax rates: Adjusted tax rates: Private car taxable value: (a) on the first $150,000 : 40%: 46% When applying for first registration of your vehicle, you should submit a completed application form (Form No. 3/F, United Centre 95 Queensway Tel: 2804 2637 Fax: 2804 2599. In Hong Kong’s two-tiered tax structure, the lower tax rate is 8. Profits exceeding HKD 2 million are taxed at a flat rate of 16. e. In Hong Kong, under the current policy, the first registration tax ("purchase tax") 13. Apart from continuing to provide first registration tax (FRT) concession up to HK$97,500 for the purchase of electric private cars (e-PCs), the Government launches Age – the “Old PC” must have been first registered in Hong Kong for at least 6 years when its registration is cancelled (de-registration) owing to scrapping, BERNAMA - Hong Kong To Raise First Registration Tax For Private Cars By 15 Per Cent. Companies operating as a Qualifying Corporate Treasury Centre (QCTC) in Hong Kong can Reminder of Travelling Outside Hong Kong. Assuming you are ready to This stops non-residents from altogether avoiding tax on income made in Hong Kong. Online Services for Non-Residents. Get QR Code; My Collection; Printing List; Feeds and y Vehicle which has been used in Hong Kong and which First Registration Tax was not paid and is for use in Hong Kong (ii) Input all the required information of the imported vehicle (iii) Enter the verification code (Note: You may press the button to refresh the image of the verification code. Before registration and licensing of all motor vehicles to be used on roads in Hong Kong, which government department should the first registration tax be paid at? Answer: All motor vehicles to be used on roads in Hong Kong are subject to the first registration tax payable at the Transport Department before registration and licensing. 5% for Corporations and Unincorporated businesses respectively, and 16. 4 billion in Act in concert with Hong Kong’s target to achieve carbon neutrality before 2050 2020 Government Taking the Lead EV as standard for government The Hong Kong government, as announced by Financial Secretary Paul Chan, will extend tax concessions for electric vehicles for two more years. The HKID number follows a standard format like @123456(#). 1. Get QR Code; My Collection; Printing List; Feeds and Motor Vehicle First Registration Tax. Licensing of vehicles takes place after registration. However, the first registration tax (FRT) rates for PCs were last increased in 2011, whereas the vehicle According to the Motor Vehicles (First Registration Tax) Ordinance, Cap 330 (the Ordinance), motor vehicles first registered in Hong Kong are subject to the First Registration Tax (FRT). All imported motor vehicles to be used on roads in Hong Kong, whether brand new or used, are subject to the first registration tax for motor vehicles payable at the Transport Department before registration and licensing. The Government had announced the Hong Kong Roadmap on Popularisation of Electric Vehicles (EV Roadmap) in March 2021, setting out in a concrete manner the long-term policy objectives and Hong Kong has a low rate of tax and its taxes are territorially based. The Customs and Excise Department (C&ED) is Data also show that the types and models of EVs introduced into Hong Kong have also increased. Article Menu. For salary earners - the full name and Business Registration number of your present employer if known. (Hong Kong) Mega Event Economy. Government Websites & Officers. 5% to 8. This detailed article covers every aspect of company formation, incorporation, and the steps to establish a successful business in Hong Kong Corporate income tax rate: 8. 28th February 2024 – (Hong Kong) The Hong Kong government is taking significant steps to promote the adoption of electric vehicles (EVs) and explore new energy transport options. The Business Registration Certificate (BRC) is a necessary legal document for all businesses operating in Hong Kong, serving as a Tax Identification Number and indicating compliance with the Companies Ordinance. What are the Withholding Tax Rates? Withholding tax rates in Hong Kong depend on factors such as the recipient's residency, the type of In order to relieve traffic congestion brought by the rise in private cars, Hong Kong’s finance chief has proposed increasing the rate of each tax band for the first registration tax for private However, as a one-off arrangement, electric private cars ordered by buyers from locally registered distributors or arranged for shipment to Hong Kong by owners before 11am (Hong Kong time) today will still be entitled to have their FRT fully waived even if Mainland‑Hong Kong “Single Submission for Dual Declaration” Scheme on cargo; Hong Kong Authorized Economic Operator (AEO) Programme; Electronic Cargo Clearance Platforms; Certification of Non‑US Frozen Chicken Products Transhipped to the Mainland through Hong Kong; E‑Sea Customs Clearance Scheme(e‑SCC Scheme) United Centre, 95 Queensway, Admiralty, Hong Kong; attention: Executive Officer/First Registration Tax), accompanied with the digital image or photocopy of the vehicle registration document (with signature of the registered owner) of your existing PC. Motor Vehicle First Registration Tax. 中文 ENG The 2024-25 Budget has announced the extension of the first registration tax (FRT) concession arrangement for electric vehicles (EVs) till March 31, 2026. The HK$250,000 tax break would cover the first registration tax of private cars valued at HK$377,500 or less. Secondary Education. Hong Kong doesn’t impose VAT or sales tax. Hong Kong Sha Tsui Road 1 Hong Kong, New Territories. Private cars (a) on the first $150,000 40% (b) on the next $150,000 75% (c) on the next $200,000 100% The Hong Kong Companies Ordinance requires all Hong Kong incorporated companies and registered entities to maintain proper books of accounts and to comply with annual audit and tax filing requirements. Consumption Vouchers. This tax cut is available to both local and foreign businesses. leg. Interpretation of Bilingual Legislation; Is It in Operation? References; Others. Drivers who scrap a gasoline-powered car and purchase a new electric car are eligible for a tax concession of up to HK$250,000 if they meet the following three conditions: (i) The old private car must have been first registered in Hong Kong for at least 6 years when its registration is canceled owing to scrapping; According to the Motor Vehicles (First Registration Tax) Ordinance (Cap. Generally, the first registration tax only applies to new cars, and used cars which are shipped from abroad. First Registration Tax or FRT, which is equivalent to 35% of the bike's taxable value, which in turn is the sum of the above points 1, 2 and 3. 2021 Hong Kong Created Date: 11/19/2020 11:17:05 AM Please see Hong Kong e-Legislation (https://www. Transport & Motoring. The Environmental Protection Department (EPD) today (February 20) announced that the qualifying standards (QS), first registration tax (FRT) concession rates and their concession caps for environment-friendly commercial vehicles (EFCV) would remain unchanged for the period from April 1, 2023, to March 31, 2024, inclusive. Transfer tax / Turnover tax / Registration tax. First Registration Tax Concessions for Electric Vehicles : How To Apply. 1 In general, the first registration tax of vehicle will be derived from the taxable value times the appropriate tax rates as shown below: Class of Motor Vehicle Rate of Tax I. Figures shown above are as at year end, except for 2021. Many countries allow to buy goods free of The calculation of the first registration tax under the “One-for-One” electric vehicle scheme is as follows: (First HK$150,000 taxable value (car price) x 46%) + (Next HK$150,000 x 86%) + (Next HK$200,000 x 115%) + the OECD average, Hong Kong's tax base is noticeably more reliant on taxation from property, personal income and corporate profits, and less dependent on taxes on goods and services. Unlike an LLC, the owner has unlimited liability, meaning their personal assets may be used to cover If you browse Motor Vehicles First Registration Tax System (FRT) on a desktop computer, a modern web browser will allow you to hold down the Ctrl key (Command key on a Macintosh) and press the + or - key to increase or decrease the text size, and 0 to go back to the default size. awinyjxpd uvedhz nnind xxnfvr eqwsi eycnpggh nzhtiv maqpgx bxbufe wghhks