T K Lo & Co

Hong Kong CPA Firm

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Tax - News

Ad valorem stamp duty (AVD)

Any residential property (except that acquired by a Hong Kong Permanent Resident who does not own any other residential property in Hong Kong at the time of acquisition) and non-residential property acquired on or after 23 February 2013, either by an individual or a company, will be subject to the new rates of AVD.

 Buyer's Stamp Duty (BSD)

With effect from 27 October 2012, any residential property acquired by any person (including a company incorporated) except a Hong Kong Permanent Resident will be subject to the BSD 15% on top of the existing stamp duty and the special stamp duty, if applicable. 

Tax & Accounting Result

Clients may note that their accounting result is normally different from the tax result. The accounting profit or loss is not equal to the tax assessable profits or adjusted loss. It is because that in tax computation there is a different set of regulations to recognise the chargability and deductibility of income and expenditure items, and depreciation allowance calculation.