...|Overview of Hong Kong Taxation System, Returns and Information | | | |Objectives: | | | |By the end of this lecture, you should be able to | | | | |● |Describe sources of Hong Kong tax law and its features | |● |Identify major kinds of income tax, estate duty and stamp duty | |● |Explain the power of Inland Revenue Department to obtain returns and information | | | | |Readings: | | | |Assigned reading | | ...
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...system in Hong Kong is very much the same before and after the change of sovereignty” is not all correct. On 30 June 1997, the transfer of sovereignty over Hong Kong from the United Kingdom to China marked a significant change in the status of Hong Kong. From its position as a colony of the United Kingdom, it has now become a Special Administrative Region (SAR) of the People’s Republic of China (PRC). The Joint Declaration on the Question of Hong Kong contains the agreement reached between the PRC and the United Kingdom concerning Hong Kong’s future. The Joint Declaration was ratified by the respective governments in 1985. It provided that from 1 July 1997, Hong Kong was to be restored to Chinese sovereignty and be largely self-governing. It also stated that the laws previously in force are to remain unchanged unless they are in conflict with the Basic Law, or unless amended by the HKSAR legislature. This is in accordance with the so-called “one country, two systems” principle. The principles of the Joint Declaration are enshrined in the Basic Law, which is Hong Kong’s “mini-constitution”. Article 5 of the Basic Law provides that “socialist systems and policies shall not be practiced in the HKSAR and that the previous capitalist system and way of life shall remain unchanged for 50 years.” The common law legal system governing Hong Kong will therefore remain fundamentally unchanged well into the twenty-first century. Article 8 of the Basic Law also states...
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...DSME 5011 - Economics Clara Tak-Wai LAW EXECUTIVE SUMMARY 1 2 INTROUDCTION BACKGROUND OF EXPORT TRADING 2.1 China 2.2 Hong Kong 3 TYPES OF EXPORT GOODS AND SERVICES 3.1 China 3.2 Hong Kong 4 ECONOMIC DEVELOPMENT 4.1 China 4.1.1 4.1.2 4.1.3 4.1.4 4.2.1 4.2.2 4.2.3 5 5.1 Participation of Global Trade Association Foreign Direct Investment Currency Valuation Structural Changes Free Trade Policy Close Economic Partnership Arrangement with Mainland China Availability of Venture Capital 4.2 Hong Kong MARKET CHALLENGES AND TRENDS China’s Challenges 5.1.1 Inflation 5.1.2 Government Interference 5.1.3 Social Unrest 5.1.4 Unbalanced Regional Development 5.1.5 Low Domestic Consumption 5.1.6 Poor Technology & Substandard Products 5.2 Hong Kong’s Challenges 5.2.1 Global Markets 5.2.2 Emerging Markets in Asia 5.2.3 Increasing Competition 5.2.4 Change of Export Business 6 HONG KONG SUSTINAED COMPETITION POSITION 6.1 6.2 6.3 6.4 6.5 Better Trading Cooperation Doing-Business Climate Better Transportation Means Advanced Info-Communication Network Skillful and Technical Manpower 7 CONCLUSION REFERENCES & APPENDIX Macroeconomics Individual Paper 2 DSME 5011 - Economics Clara Tak-Wai LAW EXECUTIVE SUMMARY China becomes the 1st exporter in the world after 25% rise in 2009 and export is the major contribution of its economic development in the past decades. Accelerated growth of the world export share was to 40% from 8% in 5-years time. The combined factors driving...
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...Minimum wage in Hong Kong Table of Contents 1. Part 1: Minimum Wage law in Hong Kong 2 2. Introduction 2 3. Minimum Wage – Economic Theory 2 4. Introduction in Hong Kong – May 2010 3 5. Impacts – 15 months later 5 5.1. Employment 5 5.2. Firms profitability 6 5.3. Inflation 7 6. Economic cycle considerations 9 7. Part 2: Housing issues in Hong Kong 9 8. Introduction 9 9. Housing situation in Hong Kong 9 10. Housing Demand in Hong Kong 11 11. Housing supply in Hong Kong 14 12. The Current Government Policies 15 12.1. Policy 1: 15 12.2. Policy 2 16 12.3. Policy 3 16 13. Conclusion 17 14. Bibliography 18 Part 1: Minimum Wage law in Hong Kong Introduction The Hong Kong Government introduced of a Minimum Wage in Hong Kong in May 2011, in response to increased incomes disparity in the territory. It uses economic theory to predict certain impacts such as level of employment, profits of firms, inflation effect and potential positive effects on the economy in general. Minimum Wage – Economic Theory Economic theory tells us that when artificial price floors are introduced in the market, they force prices to remain above the level that balances supply and demand. The same is true with minimum wage; it raises the quantity of labor supplied and reduces the quantity of labor...
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...Assignment POLS A122F SOCIAL SCIENCE FOUNDATIONS: POLITICAL SCIENCE 9 December 2015 Question 1: “The Chief Executive of Hong Kong has a special legal position which overrides administrative, legislative and judicial organs and that the separation of powers is not suitable for Hong Kong.” With reference to the constitutional arrangement of Hong Kong, to what extent is this statement valid? In the 25th anniversary of the promulgation of the Basic Law on September 12, the director of the central government’s liaison office in Hong Kong, Zhang Xiaoming gave a speech entitled “A Correct Understanding of the Characteristics of the Political System of the Hong Kong Special Administrative Region”. He said that the separation of power will not implement in Hong Kong. He also stated that the Chief Executive has “a special legal position” that he can overrides executive, legislative and judicial organs (Zeng, 2015). His speaking was criticized by the public and caused much controversy. In my opinions, the view of Zhang Xiaoming is valid in a small extent according to the constitutional arrangement in Hong Kong. It means that the Chief Executive of Hong Kong does not necessarily have an overriding power over administrative, legislative and judicial organs and that the separation of powers may suit in Hong Kong. First of all, we need to know what separation of powers and the functions of executive, legislative and judicial organs are. The separation of powers means...
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...is in ITAA36 s6(1) state that:A company which is incorporated in Australia, or which, not being incorporated in Australia carried on business in Australia, and has either its central management and control in Australia, or its voting power controlled by the shareholder who are resident of Australia. Page 77 understanding taxation law 2010 Frank GildersBut the current definition of Australia of residency company do perform a highly compulate system and the double tax with a higher tax rate, which is discourage the over-sea investor and bring trouble to Australian itself. – the decrease the competitive ability in the international trading and business market. Analysis :There are many different kind of business cooperation in which investors can do business in Australia, including corporations, branch offices, subsidiaries, trusts, joint ventures and partnerships. For the international investors, the most common way are usually form a Australian subsidiary companies or Australian branch offices. Owing to the Australia tax law, both of them have a same standard corporate tax rate. However most foreign companies choose to operate through a locally established subsidiary company, since this has the added benefits of limited liability and separate legal status. A foreign company that intends to do business in Australia must register with the Australian Securities and Investment...
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...paper will tackle the poverty situation as it exists in the city of Hong Kong. Focus is on leading factors that cause poverty. An assessment of the effectiveness of the programs being implemented by the government is made. Some reports show that in general, the government’s actions are not sufficient to eliminate poverty. They also suggest that the existing ordinances only to serve as temporary remedies. Key words: poverty, absolute poverty, strategies, poverty threshold Social Security and Sources for Social Welfare Introduction What is poverty? There is a dilemma on how the concept of poverty is defined. In fact, there is no single universally accepted definition of the term since the situation varies widely across different countries. People coming from different places proposed their perspectives on the meaning of poverty. They present varying ideas on poverty, but they have something in common. One view is that the term poverty is something that restricts a person’s freedom. It is also seen as a limitation to acquire the necessary resources enough to live a normal life. Another view is that poverty is a situation that strips humans of their basic rights and diminishes their value to the level that they are treated as “garbage” of society (Government of New Brunswick). Why is there a need to discuss poverty? Poverty is habitually considered as the source of almost everything that is evil such as crimes, malnutrition, child...
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...eco-tourism sites being creating in Hong Kong. The fact that the government doesn’t have the required authority to purchase privately owned land for new eco-tourism site slows down the growth of this important tourism industry. There might be an increase in number of tourists into Hong Kong touring the ecological sites but if the number of sites to be toured remains constant then there will be much pressure on sites meaning quite a number of tourists may never get a chance to visit the ecological sites. Ecological sites that are not under government ownership so far are vulnerable as they can be destroyed by the land owners for construction. This therefore risks the growth of eco-tourism industry because there will be no more ecological sites...
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...contributions to Hong Kong Introduction Tourism plays a very important role in the economy of Hong Kong. It is now earner of foreign the biggest exchange. The number of visitors has increased from 3.7 million in 1986 to nearly 10.2 million in 1995. Total tourism receipts in 1YYS were HK$74.9 billion, four times as much as in 1986.’ Tourism revenue represents consistently about 6% of the GDP (Gross Domestic Product). Half of the tourist expenditure is on shopping. Tourism industry is contributing significantly to the retail trade in Hong Kong. For some visitors, shopping in Hong Kong has become the sole purpose of their visit. Tourism shopping*, therefore, is not only a major source of income from foreign visitors, but can itself provide a powerful attraction to bring them to Hong Kong. There arc seven major market areas for Hong Kong tourism: Europe (the UK, Germany, France and Italy), North America (the USA and Canada), Japan, Oceania (Australia and New Zealand), South East Asia (the Philippines, Indonesia, Thailand, Singapore and Malaysia), Taiwan and mainland China. In the 1980s North America, Europe and Japan were the three major tourist markets. Changes have been taking place over the past decade in terms of tourist markets, visitor characteristics, purpose of visits, choice of accommodation and visitor spending patterns. In recent years, Taiwanese and mainland Chinese tourists have led European and American tourists as the major markets for the Hong Kong tourism industry...
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...How do you comment on the retail industry in Hong Kong, and how do you see yourself in playing a part in contributing into this sector?* EXECUTIVE SUMMARY Economic performance stands still in 2014 The Hong Kong retail business saw a stagnant performance in 2014 compared to that of 2013. This may be attributed to several internal and external factors which had an impact on economic conditions. The continual effect of anticorruption policy laws in China and its policy on shopping tours to Hong Kong is tightening the spending propensity of Chinese tourists, who are one of the key source markets driving retail growth. In addition, domestic spending softened in 2014 adding to the slow performance of retailing. Expansion plans are put on hold by most retailers Hong Kong retailing rental prices have continued to soar, coupled with demand for shop fronts in prime locations by both luxury and international players. The majority of retailers have held back their expansion plans to avoid incurring hefty costs. They are counteracting this situation by exploring online channels and mobile platforms, and revamping existing outlets combined with creative and loud marketing activities in stores. Retailers have also spotted the potential opportunities of allocating their resources to New Territories districts instead. Upscale grocery shopping versus mass non-grocery shopping Consumers gaining sophistication and westernised lifestyle habits has led to a shift towards increased visits to...
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...Economic History of Hong Kong Hong Kong’s economic and political history has been primarily determined by its geographical location. The territory of Hong Kong is comprised of two main islands (Hong Kong Island and Lantau Island) and a mainland hinterland. It thus forms a natural geographic port for Guangdong province in Southeast China. In a sense, there is considerable continuity in Hong Kong’s position in the international economy since its origins were as a commercial entrepot for China’s regional and global trade, and this is still a role it plays today. From a relatively unpopulated territory at the beginning of the nineteenth century, Hong Kong grew to become one of the most important international financial centers in the world. Hong Kong also underwent a rapid and successful process of industrialization from the 1950s that captured the imagination of economists and historians in the 1980s and 1990s. Hong Kong from 1842 to 1949 After being ceded by China to the British under the Treaty of Nanking in 1842, the colony of Hong Kong quickly became a regional center for financial and commercial services based particularly around the Hongkong and Shanghai Bank and merchant companies such as Jardine Matheson. In 1841 there were only 7500 Chinese inhabitants of Hong Kong and a handful of foreigners, but by 1859 the Chinese community was over 85,000 supplemented by about 1600 foreigners. The economy was closely linked to commercial activity, dominated by shipping, banking...
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...is now the largest airline company in Hong Kong. It operates both passenger services and cargo services and operates in more than 30 countries throughout Asia, the Pacific, the Middle East, Africa, Europe and North America to more than 80 destinations. From Hong Kong, where its headquarter is based, Cathay operates 36 of their destinations in the Asia-Pacific region. Therefore the general environment in especially Hong Kong and the rest of the Asia-pacific region has an effect on Cathay Pacifics business procedure. The general environment is composed of factors that can have dramatic effects on a firm’s strategy and events and changes in the general environment can he hard to predict and even harder to control (Dess et al. 2012, p.87). The demographic segment of the general environment is the genetic and observable characteristics of a population (Dess et al. 2012, p. 87). Hong Kong’s population was in 2009 7.03 million. About 95% of the population are of Chinese descent. The majority are Taishanese, Chiu Chow, other Cantonese people, and Hakka. The remaining 5% of the population is non-ethnic Chinese people and consists of a South Asian population of Indians, Pakistanis, Neplaese, Vietnamese refugees, Europeans, Americans, Japanese and Koreans. This means that the population of Hong Kong consists of many different nationalities and in addition Hong Kong is one of the most densely populated areas in the world. This means that Hong Kong is a very international city witch indicates...
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...Anti-discrimination in workplace 3. CONCLUSION 4. RECOMMENDATIONS 5. WORKS CITED 6. APPENDIX | Page23456-78-999-1011-1212-131414-1516-17181920-22 | List of Figures Figure 1.1 Gender of respondentsFigure 1.2 Age group of respondentsFigure 2.1 Acceptance of homosexuality in friendsFigure 2.2 Acceptance of homosexuality in teachersFigure 2.3 Factors affect the level of acceptance of having homosexual teachersFigure 2.4 Acceptance of homosexuality in family membersFigure 2.5 Acceptance of homosexuality in celebritiesFigure 2.6 Homosexual celebrities possessing positive influence on the public's attitudeFigure 2.7 The impact of homosexual celebritiesFigure 2.8 The stand of setting up a law to prevent homosexual...
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...Type: | Assignment 1Individual | Word Count: | 1469 | I declare that all materials included in this essay/ report/ project/ dissertation is the end result of my own work and that due acknowledgement have been given in the bibliography and references to ALL sources be they printed, electronic or personal Introduction Hong Kong, as one of the most westernized cities in Asia, women’s status has improved in a rapid pace over the past 30 years. The role of women changes with the growth of awareness of gender inequality, in which brought the rise of concern on women’s issues. The Hong Kong government has been implementing the conventions in order to eliminate discrimination against women by both Basic Law and local laws. With the well-established legal system in Hong Kong, right and quality of women are enshrined to a large extent. The formation of Equal Opportunities Commission in 1996 and the Women’s Commission is 2001 helped the development of policy infrastructure for gender equality. Besides, plenty of non-governmental organizations also help promoting gender equality in the society. Gender equality is an indicator of the progress of social development. While both genders appear to be equal in Hong Kong, hidden sex discrimination is still common, restricting the development of women. (Women’s Commission, 2012) Since there is no legal prohibition of sexual orientation-based employment discrimination in the private sector, gender discrimination is being hided to...
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...National Arts Holdings Limited (Hong Kong Listed Code:8228) 1 Company Information National Arts Entertainment Limited (HK) National Arts Films Production Limited (HK) National Arts Advertising and Promotions Limited (HK) Head Return Limited (Theme Park Management) Expand Pacific Limited (Hotel Management) 2 Company Information Mainly focus on Hong Kong and China market We started our Film Production and Artist Management business since 2008 and got successful results. In the future, we shall continue developing international and diversified cultural, film and tourism industries. Our company has begun the development of scenic spots and hotel projects in recent years. 3 Company Information – Film Production Our Chairman, Mr. Checkley Sin Kwok Lam, is the producer of Ip Man movie series. His recent production ‘The legend is born – Ip Man’ received world recognition, several awards and nominations: In the 30th Hong Kong Film Award in 2011 • The nomination to compete for the Best New Artist (Mr. Dennis To) In the 13th Shanghai International Film Festival in 2010 • The nomination to compete for the Best Movie • The nomination to compete for the Best New Artist (Mr. Dennis To Yu Hang, Our Artist) • The award of the Best Supporting Actor (Sifu Ip Chun, the son of Grand Master Ip Man) 4 Company Information – Artist The nominations to Mr. Dennis To by his first two movies The legend is born - Ip man and...
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