We all know that the duty to pay tax will always be there. As Hong Kong and Mainland China are emerging markets, sophisticated tax advice in Asia has become increasingly in demand with a view to mitigate the (corporate) income tax in Hong Kong and elsewhere.
Further, because of recent pressure from the Organisation for Economic Co-operation and Development (‘OECD’), most jurisdictions including Hong Kong, have decided that Exchange of Information should be part of their tax legal system.
In fact, Hong Kong has changed its law to allow for extensive exchange of information on tax `persons` and has also concluded several double taxation treaties that include the latest OECD Model provisions. In addition, many other jurisdictions in the world are changing their tax system to make these less subject to evasion or avoidance in general. The above developments require therefore sophisticated tax planning internationally, but also in Asian countries such as Hong Kong, Mainland China, Singapore and in offshore jurisdictions such as BVI, TCI and The Republic of Seychelles.
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