Most commonly used sections
Interpretation
IRO Section.2 Interpretation of some terms using in the ordinance.
Property tax
IRO Section.5 Charge of property tax
IRO Section.5B Ascertainment of assessable value
IRO Section.7C Rental Bad debts (irrecoverable & recovered)
Salaries tax
IRO Section.8 Charge of salaries tax
IRO Section.9 Definition of income from employment
Tax computation
IRO Section.18 Basis for computing profits
IRO Section.18F Adjustment of assessable profits
IRO Section.19 Treatment of losses
IRO Section.20 Liability of certain non-resident persons
IRO Section.20A Consignment Tax
IRO Section.22 Assessment of partnerships
IRO Section.24 Clubs, trade associations, etc.
IRO Section.25 Deduction of property tax from profits tax
- Any person's HK property tax payable can be set off by the same HK profit tax payable.
IRO Section.26A Exclusion of certain profits from tax
IRO Section.26B Concessionary deductions, general provisions
IRO Section.26C Approved charitable donations
IRO Section.26D Elderly residential care expenses
IRO Section.26E Home loan interest
IRO Section.26G Contributions to recognized retirement schemes
IRO Section.27 Allowances, general provisions
IRO Section.28 Basic allowance
IRO Section.29 Married person's allowance
IRO Section.30 Dependent parent allowance
IRO Section.31 Child allowance
IRO Section.32 Single parent allowance
IRO Section.34 Initial and annual allowances, industrial buildings and structures
IRO Section.35 Balancing allowances and charges, buildings and structures
IRO Section.37 Initial and annual allowances, machinery or plant
IRO Section.38 Balancing allowances and charges, machinery or plant
IRO Section.41 Election for personal assessment
Tax administration
IRO Section.51 Returns and information to be furnished
IRO Section.51C Business records to be kept
IRO Section.51D Rent records to be kept
IRO Section.56A Joint owners and co-owners
IRO Section.88 Exemption of charitable bodies
IRO Section.88A Advance rulings
Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and credits. The difference between deductions, exemptions and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax.
The schedular system of taxation is the system of how the charge to United Kingdom corporation tax is applied. It also applied to United Kingdom income tax before legislation was rewritten by the Tax Law Rewrite Project. Similar systems apply in other jurisdictions that are or were closely related to the United Kingdom, such as Ireland and Jersey.
Taxation in the Republic of Ireland in 2017 came from Personal Income taxes, and Consumption taxes, being VAT and Excise and Customs duties. Corporation taxes represents most of the balance, but Ireland's Corporate Tax System (CT) is a central part of Ireland's economic model. Ireland summarises its taxation policy using the OECD's Hierarchy of Taxes pyramid, which emphasises high corporate tax rates as the most harmful types of taxes where economic growth is the objective. The balance of Ireland's taxes are Property taxes and Capital taxes.
Taxation in France is determined by the yearly budget vote by the French Parliament, which determines which kinds of taxes can be levied and which rates can be applied.
Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending 31 March 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes.
Salaries tax is a type of income tax that is levied in Hong Kong, chargeable on income from any office, employment and pension for a year of assessment arising in or derived from the territory. For purposes of calculating liability, the period of assessment is from April 1 to March 31 of the following year.
In Hong Kong, profits tax is an income tax chargeable to business carried on in Hong Kong. Applying the territorial taxation concept, only profits sourced in Hong Kong are taxable in general. Capital gains are not taxable in Hong Kong, although it is always arguable whether an income is capital in nature.
The Estate Duty Ordinance is one of Hong Kong ordinances. It regulates the HK estate duty which was a tax imposed on capital asset - the net value of property situated in Hong Kong at the date of the taxpayer's death. It is chargeable irrespective of whether the deceased was a resident of Hong Kong.
The goods and services tax (GST) was a proposed value-added tax in Hong Kong. Consultation over a period of nine months was launched on 19 July 2006 and stirred considerable controversy.
Tax deduction at source (TDS) in India is a means of collecting tax on income, dividends, or asset sales by requiring the payer to deduct tax due before paying the balance to the payee.
Commissioner of Inland Revenue v George Andrew Goepfert, also known as the Goepfert case, is a leading Hong Kong tax case, affecting jurisprudence relating to the territory's salaries tax.
Under Article 108 of the Basic Law of Hong Kong, the taxation system in Hong Kong is independent of, and different from, the taxation system in mainland China. In addition, under Article 106 of the Hong Kong Basic Law, Hong Kong has independent public finance, and no tax revenue is handed over to the Central Government in China. The taxation system in Hong Kong is generally considered to be one of the most simple, transparent, and straightforward systems in the world. Taxes are collected through the Inland Revenue Department (IRD).
Partnership taxation in Hong Kong is the taxation of the profits or losses generated by partnership business entities. First, these profits or losses of the partnership are assessed according to the Hong Kong Inland Revenue Ordinance, Chapter 112, section 22. After assessment, then said profits or losses flow through the partnership to the partners who are then taxed on their share of said profits or losses generated by the partnership without any taxes levied against the partnership.
Partnership taxation is the concept of taxing a partnership business entity. Many jurisdictions regulate partnerships and the taxation thereof differently.
The Corporation Tax Act 2010 (c.4) is an Act of the Parliament of the United Kingdom that received Royal Assent on 3 March 2010.
Taxes in Germany are levied by the federal government, the states (Länder) as well as the municipalities (Städte/Gemeinden). Many direct and indirect taxes exist in Germany; income tax and VAT are the most significant.
Taxation may involve payments to a minimum of two different levels of government: central government through SARS or to local government. Prior to 2001 the South African tax system was "source-based", wherein income is taxed in the country where it originates. Since January 2001, the tax system was changed to "residence-based" wherein taxpayers residing in South Africa are taxed on their income irrespective of its source. Non residents are only subject to domestic taxes.
A property tax known as "rates" has been levied in Hong Kong since 1845. The tax applies to all domestic and commercial properties unless exempted, and is based upon the rental value of the property, re-assessed each year. Formerly part of the revenue went to the Urban Council and, from 1986, the Regional Council, but since 2000 the whole amount goes to the Hong Kong Government.
The Oil Taxation Act 1975 is a UK Act of Parliament relevant for UK enterprise law that was intended to ensure that oil and gas extraction companies operating in British territories and waters paid their fair share of tax. Over many years of amendments it was largely eliminated over 2015 and 2016, as the Petroleum Revenue Tax was cut to zero.
