Tax service

Hong Kong Business Registration Fees Wavier Ends and Resume to Normal fee for 2023/24

Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po delivered the 2023/24 budget speech on 22 February 2023. It does not mention any waiver of business registration fee this year. Therefore the total fee for application or renewal of one-year business registration certificate shall be resume back to HKD2,150.   There are two types of business registration certificate, namely 1-year certificate and 3-year certificate. The amount payable under a certificate depends on the commencement date of the registration certificate. For local companies falling within the one-stop company incorporation service, the amount payable for the first registration certificate depends on the date of making the related incorporation submission to the Companies Registry and the commencement date of the registration certificate is the date of incorporation. For renewal of certificates, the amount payable is determined by reference to the commencement date of the relevant renewal certificate. For a […]

An Overview on Shenzhen Individual Bankruptcy Regulations

An Overview on Shenzhen Individual Bankruptcy Regulations   China’s first regulation on individual bankruptcy, the Regulations of Shenzhen Special Economic Zone on Individual Bankruptcy, came into force on 1 March 2021. An overview on the said Regulations is enclosed hereby for your easy reference.   Who can file for bankruptcy?   According to the Regulations, eligible debtors and creditors both can file bankruptcy petitions to the court.   The debtors who can file for bankruptcy shall meet the following requirements: (1)  have been living in Shenzhen and have paid social insurance for 3 consecutive years in Shenzhen; (2)   unable to pay off their debts because of business struggles or problematic consumption or their assets are insufficient to pay off all the debts.   The creditors who hold more than RMB500,000 due creditor’s rights against the debtor alone or jointly can also file a bankruptcy petition to the court when the […]

Introduction to Individual Income Tax in Singapore

Introduction to Individual Income Tax in Singapore Singapore has one of the lowest tax rates in the developed countries and is considered as “a global legal tax haven”. Singapore’s low tax rate, and its favourable tax policies, stable living environment have made the Singapore business environment even more attractive to global investors. The highest corporate income tax rate in Singapore is 17%, the highest Individual Income Tax rate is 22%, and there are no capital gains or inheritance taxes.   This article will give a brief introduction to the tax principles, tax rates, the definition of tax resident and the filing requirements of Individual Income Tax in Singapore, and will be provided as a reference for Kaizen’s clients who are considering investment and immigration to Singapore. In revising this article, we have taken into account the laws and regulations in force as of 28 February 2020 and the relevant policies […]

Claim for Profits Tax Exemption in Hong Kong

Hong Kong is famous for its low tax rates and territorial taxation principle. In accordance with the territorial taxation principal, only profits arising in or derived from Hong Kong are chargeable to Profits Tax, currently at the rate of 16.5%. Profits derived from or sourced from other places outside Hong Kong are not taxable, or, free from profits tax. Possibility of Tax Exemption Claim Under the territorial taxation principle, it is possible and legal for your Hong Kong company to have its profits totally exempted from tax. (1) Trading Profits In determining the locality of profits derived from a Hong Kong business, the Hong Kong Inland Revenue Department (“IRD? will look at what the taxpayer has done to earn the profits in question and where he has done it. If the contracts for purchase and sale are initially negotiated, concluded and subsequently executed outside Hong Kong, there are grounds to […]

Hong Kong Tax Filing Services – for Individuals and Corporations

Normally, a tax return for each year of assessment will be issued to individuals, sole proprietor, partnership, property owner, limited company incorporated in Hong Kong, and company incorporated elsewhere but with a business establishment in Hong Kong. Individuals and companies must fill out the return and submit them to Inland Revenue Department within one month from the date the return is issued or other dates as specified in the tax returns. Preparation and Filing of Tax Return   Basic Service Charges salaries tax return from HK$300 property tax return from HK$300 sole proprietor (salaries tax or profits tax return) from HK$500 partnership (or salaries tax or profits tax return) from HK$1,500 limited company (profits tax return) from HK$3,000 The actual amount charged will be varied on the basis of the nature of business, volume of transactions, the scale of business etc. We will prepare the necessary supporting documents, prepare the […]

Hong Kong IRD Tax Investigation Services

Tax investigation and field audit are methods of investigation set out by the Hong Kong Inland Revenue Department when they are having doubts regarding the sources of income, the completeness and accuracy of the tax returns filed by taxpayers. Authorized under the Inland Revenue Ordinance, the assessing officer is empowered to investigate the taxpayer. The general scope of the investigation is very broad, including companies, individuals, and even family members of the taxpayers. Kaizen has a professional team with extensive knowledge of Hong Kong tax laws and many years of successful experience. Kaizen provides comprehensive assistance to its clients, wide range analysis and recommendation. Our professional tax services can save you valuable time and unnecessary financial costs by providing comprehensive plan to solve the past tax issues and also reduce the future risk of tax related problem. Our Hong Kong Tax Investigation Services IRD Procedure Kaizen’s Role Taxpayer receiving the […]

Our Singapore Tax Services

General Information about Singapore Tax System Corporate Income Tax – A company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company. In order to attract foreign investment, Singapore government has introduced numerous tax benefits such as tax exemption scheme for new start-up companies, partial tax exemption scheme and corporate income tax rebate. Individual Income Tax – All income earned in or derived from Singapore is chargeable to income tax. A Singapore tax resident is taxed at progressive rate with the current highest tax rate at 22%. Non-tax resident is taxed at flat rate of 15% – 22% (depends on the type of income) or the progressive resident tax rates, whichever is higher. Goods and Services Tax (GST) – Majority of the supplies of goods and services in Singapore are subject to 7% GST. In other countries, GST […]

Our US Taxation Services

General Information about U.S. Tax System The United States has separate federal, state, and local governments with taxes imposed at each of these levels. Beginning from the tax year 2018, the Tax Cuts and Jobs Act (TCJA) is implemented to make tax reform. This major tax legislation will affect individuals, businesses, and non-for-profit organizations. C Corporation Income Tax – The TCJA reduced the federal corporate income tax rate from 35% to 21%, improving the global competitiveness of the United States in attracting new investment. All businesses incorporated in the U.S. must file an annual income tax return. Individual Income Tax – Most individuals are required to file income tax return. It is a type of income tax return filed by an individual to a federal, state or local taxing agency to report income, calculate and pay taxes. U.S. citizens and tax residents’ worldwide income are subject to U.S. income tax, […]

Our Taiwan Taxation Services

Kaizen could provide a comprehensive corporate and individual tax declaration and advisory services. Kaizen tax consultant has extensive tax experience and can assist clients in personalizing an effective tax strategy to meet the tax regulations in Taiwan and around the world. The professional services provided by Kaizen are as follows: Corporate Taxation Service Business Tax Declaration Service Various Withholding Income Tax Service Corporate Annual Income Tax Declaration Service Corporate Tax Compliance Audit Service Corporate Audit Defense and Tax Reliefs Global Transfer Pricing Service Taiwan Tax Consultation Service International Tax Consultation Service Taiwan Tax Incentive Project Application Service Special Industry Tax Consultation Service Individual Taxation Service Individual Income Tax Calculation and Declaration Service for Taiwan Resident Individual Income Tax Calculation and Declaration for Taiwan Resident in Mainland China Individual Income Tax Calculation and Declaration for Taiwan Resident in Singapore Individual Income Tax Calculation and Declaration for Taiwan Resident in United States […]

Our China Taxation Services

In accordance with the tax laws of China, all taxpayers or withholding agents shall pay taxes and fees in the manner within the time limit as prescribed by Chinese tax authorities. With a team of experienced tax consultants, Kaizen is committed to providing professional taxation services to its clients. by thoroughly studying and analyzing China existing taxation laws and related preferential policies. The Taxation services provided by Kaizen include but not limited to the following items: Tax Consultancy Services Tax Planning Services Tax Due Diligence Services Tax Compliance Services Transfer Pricing Computation and Declaration of Value-added Tax (VAT)  Computation and Declaration of Enterprise Income Tax (EIT) Computation and Declaration of Individual Income Tax (IIT) Computation and Declaration of Urban Maintenance and Construction Tax Computation and Declaration of Local Funds and Surcharges Computation and Declaration of other Taxes and Surcharges Provision of Enterprise Income Tax Annual Reconciliation and Settlement Services The […]