Tax minimization in Hong Kong is different from tax evasion-the illegal practice of avoiding to pay taxes or not declare certain income. This practice uses any available legal strategies to reduce the amount of due taxes for companies and individuals, either through efficient tax planning and personal tax assessment or through making certain deductible investments at the right time.

Our Hong Kong company formation agents specialize in tax minimization practices and are capable of helping you pay less taxes.

Tax minimization strategies

One way to reduce taxes is to make donations. Charitable donations can be made in cash or in kind and usually the donor will not have to pay income tax on that donation. Most individuals in Hong Kong will not necessarily have the financial means to make substantial donations but it remains an option for tax minimization at the end of the year.

Prepayments are another tax reduction method. This can also be used by smaller businesses in Hong Kong. This method works if you are able to pay certain expenses in advance, like rent or subscriptions and make other business-related expenses. The taxable income per year can thus be substantially reduced by bringing forward the tax deductions.

Individuals can establish a family trust, split investment income with the spouse or start an investments account in your child’s name. The tax minimization strategies for companies and individuals are best implemented by a professional tax planner. If you want to use these methods you can benefit from seeking professional advice.

Taxation in Hong Kong

Hong Kong imposes taxes on companies and individuals. The salaries tax, the property tax, the stamp duty, the estate duty, the betting duty and the corporate tax are examples of the taxes levied by the Hong Kong government.

You can also reduce the overall due taxes if you are eligible for personal assessment in Hong Kong: if you are an individual who has to pay profits tax or property tax. This does not apply to the salaries tax.

Our company registration agents in Hong Kong can help you with more information about taxation for companies and individuals and filing requirements. Please do not hesitate to contact our experts if you have questions.

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