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Hong Kong Guides On New Business Tax Reliefs

by Mary Swire, Tax-News.com, Hong Kong

29 April 2019


Hong Kong's Inland Revenue Department has noted that, starting from the year of assessment 2018/19, capital expenditure incurred for procuring environmental protection installations should be deducted in a single year, rather than over five years.

The Departmental Interpretation and Practice Notes No. 5 (DIPN 53) has been updated to set out the Department's interpretation and practice on the provisions relating to the accelerated tax deduction. The part relating to tax deduction for research and development expenditure is covered in the Departmental Interpretation and Practice Notes No. 55.

Taxpayers can claim enhanced tax deduction for research and development expenditure incurred on or after April 1, 2018, in respect of qualifying research and development activities. The Departmental Interpretation and Practice Notes No. 55 explains how a taxpayer can be entitled to the 100 percent tax deduction or enhanced tax deduction for research and development expenditure, the IRD noted.

TAGS: environment | tax | Hong Kong | research and development | Tax

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