Tag Archives: China

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Gazettal of Inland Revenue (Amendment) (Tax Concessions) Bill 2019

     The Inland Revenue (Amendment) (Tax Concessions) Bill 2019 will be gazetted on March 8. The Bill seeks to implement concessionary tax measures proposed in the 2019-20 Budget.
 
     The 2019-20 Budget has proposed one-off reductions of salaries tax, tax under personal assessment and profits tax for the year of assessment 2018/19 by 75 per cent, subject to a ceiling of $20,000 per case. The reductions will be reflected in taxpayers’ final tax payable for the year of assessment 2018/19. The proposed one-off reductions will benefit 1.91 million taxpayers of salaries tax and tax under personal assessment as well as 145 000 tax-paying corporations and unincorporated businesses. The total revenue forgone in 2019-20 will amount to $18.9 billion.
 
     The Bill will be introduced into the Legislative Council on March 20. read more

East Asia

Farm owner convicted of supplying strawberries with false trade description

     A farm owner was convicted and fined $5,000 today (March 6) at Tuen Mun Magistrates’ Courts for supplying strawberries to which a false trade description had been applied, in contravention of the Trade Descriptions Ordinance (TDO).

     Hong Kong Customs earlier received information alleging the sale of strawberries with a false trade description at a farm. Customs officers later conducted a test-buy operation at a pick-your-own farm in Yuen Long and purchased strawberries labelled as the Japan Fukuoka Prefecture Hakata Amaou variety.

     After examination by the Government Laboratory and the variety owner, the strawberries were confirmed to be not of the declared variety.

     Customs reminds traders to comply with the requirements of the TDO and consumers to procure products at reputable shops.

     Under the TDO, any person who supplies goods with a false trade description in the course of trade or business, or is in possession of any goods for sale with a false trade description, commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

     Members of the public may report any suspected violations of the TDO to the Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk). read more

East Asia