Offshore exemption
What is an offshore exemption
To apply for exemption from offshore income tax means that the Hong Kong Inland Revenue Department agrees that the profits generated by the company are offshore income. Because Hong Kong is taxed on the principle of geographical origin, that is, only profits originating in Hong Kong are subject to tax in Hong Kong, while profits originating elsewhere are not subject to profits tax in Hong Kong.
Under the Hong Kong Tax Case, the offshore income of The Hong Kong Limited is exempt from profits tax, that is, "business does not operate locally and profits come from overseas", and the Government can apply for exemption from profits tax.
Application conditions
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(1)Neither the suppliers and the customers are Hong Kong merchants;
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(2)The signing process of the order does not take place in Hong Kong;
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(3) The goods have not been customs clearance, receipt and delivery in Hong Kong, etc.;
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(4) Offices and employment of Hong Kong employees who do not have an entity in Hong Kong;
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(5) No business record has been left in the Hong Kong Government
Note: Companies need to pass an account audit before they can apply for an offshore exemption
Process
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Do an audit of the accounts
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Applications will be made by the Tax Office for audit statements and reports
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Tax issues letters on offshore issues
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Write a reply letter and related information to the Tax Office
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The results of the approval under the IRS
WTEC advantages
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Authority
18 years old brand, the Hong Kong Government designated a registry, with a special dual licensee
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Professional consultant
The team has an average of more than 3 years of business experience and has handled more than 100,000 cases
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The information is confidential
Follow strict nondisclosure agreements to give customers a real experience of secure and private services
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Efficient and transparent
The service process is visual, the price is transparent and does not include any hidden surcharges
Value-added services
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Registration of overseas companies
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Annual tax returns for overseas companies
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Open an account with an overseas company
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Overseas immigrants
- WTEC Information