Recent News From Ravenscroft & Schmierer

While the forecast deficit of HK$ 101 billion turns into a surplus of HK$19 billion, economic growth rebounds to 6.4% after a two-year recession, the unemployment rate goes down from 7.2% to 3.9%, all permanent residents receive HK$10,000 while salaries and profits tax is reduced significantly, many of the announced measures seem to be fruitless attempts to rescue businesses which may later go ban...

With effect from 5th October 2021 Hong Kong has been added to the EU list of non-cooperative countries and territories for tax purposes. 1. Hong Kong has been on the EU watch list for tax purposes since 5th October 2021 The list is designed to combat tax fraud, tax evasion, tax avoidance, and money laundering. By doing so, the EU pursues the enforcement of diligent practice in cross-border tax st...