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Foreign Tax Credit for Individuals

In Hong Kong many of our clients commonly claim the foreign tax credit benefit while living abroad. The foreign tax credit prevents the dreaded double taxation by allowing taxpayers a dollar for dollar tax credit for foreign taxes paid. For many taxpayers, claiming a tax credit is more beneficial than claiming a tax deduction. However, [...]

2022-01-12T08:54:23+00:00Tax Benefits|0 Comments

I made a gift, now what?

Holidays season has just passed and you’ve probably gave away a lot of presents. Have you ever wondered whether these gifts are subject to any tax? What is a gift? A gift is made when the value of the property transferred (directly or indirectly) exceeds the value of consideration received in return. Thus, if you’re [...]

Does a 529 Plan Help Pay For College?

Introduction to a 529 Plan: A 529 plan is designed to encourage saving money for future education costs. The tax-advantaged savings plan has two types, including prepaid tuition plans and education savings plans.   Prepaid tuition plans: A type of 529 plan that lets an account owner purchase units or credits at participating colleges or [...]

2022-01-12T08:55:26+00:00Tax Benefits|0 Comments

General Hong Kong Tax Guide

Do you need assistance with Hong Kong salaries tax? Here is an overview of the general individual taxation system in Hong Kong. In Hong Kong, Hong Kong adopts a territorial source principle of taxation. Individuals are taxed only on income that has been “earned in Hong Kong”. There is no capital gains tax, no interest/dividend tax and no inheritance [...]

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