Inland Revenue Ordinance Cap.112
Encyclopedia
The Inland Revenue Ordinance is one of Hong Kong
's Ordinances. It regulates the inland revenue
of Hong Kong.
IRO Section.5B Ascertainment of assessable value
IRO Section.7C Rental Bad debts (irrecoverable & recovered)
IRO Section.9 Definition of income from employment
IRO Section.14 Charge of profits tax
IRO Section.15 Certain amounts deemed trading receipts
IRO Section.16 Ascertainment of chargeable profit
s
IRO Section.17 Deductions not allowed
IRO Section.18F Adjustment of assessable profits
IRO Section.19 Treatment of losses
IRO Section.20 Liability of certain non-resident persons
IRO Section.20A Consignment Tax
IRO Section.22 Assessment of partnership
s
IRO Section.24 Club
s, trade association
s, etc.
IRO Section.25 Deduction of property tax from profits tax
IRO Section.26A Exclusion of certain profits from tax
IRO Section.26B Concessionary deductions, general provisions
IRO Section.26C Approved charitable donations
IRO Section.26D Elderly residential care expenses
IRO Section.26E Home loan interest
IRO Section.26G Contributions to recognized retirement schemes
IRO Section.27 Allowances, general provisions
IRO Section.28 Basic allowance
IRO Section.29 Married person's allowance
IRO Section.30 Dependent parent allowance
IRO Section.31 Child allowance
IRO Section.32 Single parent allowance
IRO Section.34 Initial and annual allowances, industrial buildings and structures
IRO Section.35 Balancing allowances and charges, buildings and structures
IRO Section.37 Initial and annual allowances, machinery or plant
IRO Section.38 Balancing allowances and charges, machinery or plant
IRO Section.41 Election for personal assessment
IRO Section.51C Business records to be kept
IRO Section.51D Rent records to be kept
IRO Section.56A Joint owners and co-owners
IRO Section.88 Exemption of charitable bodies
IRO Section.88A Advance rulings
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
's Ordinances. It regulates the inland revenue
Revenue
In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover....
of Hong Kong.
The most commonly used Sections
IRO Section.2 Interpretation of some terms using in the ordinance.Property tax
IRO Section.5 Charge of property taxProperty tax
A property tax is an ad valorem levy on the value of property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state or a municipality...
IRO Section.5B Ascertainment of assessable value
IRO Section.7C Rental Bad debts (irrecoverable & recovered)
Salaries tax
IRO Section.8 Charge of salaries taxSalaries tax
Salaries tax in the Hong Kong taxation system is direct tax and also classified as income tax.According to Cap.112 Hong Kong Ordinance, Inland Revenue Ordinance IRO Section 8, unless otherwise provided, salaries tax is chargeable on income from any office, employment and pensions for a year of...
IRO Section.9 Definition of income from employment
Profit tax
IRD Rules 5 Charge of Profit tax in respect of non-residentIRO Section.14 Charge of profits tax
Profit tax
Profits tax in Hong Kong is Direct tax and also classified into Income tax.According to Cap 112 Hong Kong Ordinance - Inland Reveue Ordinance Section 14, unless otherwise provided, profits tax shall be charged at the standard rate on any person who carries on a trade, profession or business in...
IRO Section.15 Certain amounts deemed trading receipts
IRO Section.16 Ascertainment of chargeable profit
Profit (economics)
In economics, the term profit has two related but distinct meanings. Normal profit represents the total opportunity costs of a venture to an entrepreneur or investor, whilst economic profit In economics, the term profit has two related but distinct meanings. Normal profit represents the total...
s
IRO Section.17 Deductions not allowed
Tax computation
IRO Section.18 Basis for computing profitsIRO Section.18F Adjustment of assessable profits
IRO Section.19 Treatment of losses
IRO Section.20 Liability of certain non-resident persons
IRO Section.20A Consignment Tax
IRO Section.22 Assessment of partnership
Partnership
A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace...
s
IRO Section.24 Club
Club
A club is an association of two or more people united by a common interest or goal. A service club, for example, exists for voluntary or charitable activities; there are clubs devoted to hobbies and sports, social activities clubs, political and religious clubs, and so forth.- History...
s, trade association
Trade association
A trade association, also known as an industry trade group, business association or sector association, is an organization founded and funded by businesses that operate in a specific industry...
s, etc.
IRO Section.25 Deduction of property tax from profits tax
Profit tax
Profits tax in Hong Kong is Direct tax and also classified into Income tax.According to Cap 112 Hong Kong Ordinance - Inland Reveue Ordinance Section 14, unless otherwise provided, profits tax shall be charged at the standard rate on any person who carries on a trade, profession or business in...
- Any person's HK property tax payable can be set off by the same HK profit tax payable.
IRO Section.26A Exclusion of certain profits from tax
IRO Section.26B Concessionary deductions, general provisions
IRO Section.26C Approved charitable donations
IRO Section.26D Elderly residential care expenses
IRO Section.26E Home loan interest
IRO Section.26G Contributions to recognized retirement schemes
IRO Section.27 Allowances, general provisions
IRO Section.28 Basic allowance
IRO Section.29 Married person's allowance
IRO Section.30 Dependent parent allowance
IRO Section.31 Child allowance
IRO Section.32 Single parent allowance
IRO Section.34 Initial and annual allowances, industrial buildings and structures
IRO Section.35 Balancing allowances and charges, buildings and structures
IRO Section.37 Initial and annual allowances, machinery or plant
IRO Section.38 Balancing allowances and charges, machinery or plant
IRO Section.41 Election for personal assessment
Tax administration
IRO Section.51 Returns and information to be furnishedIRO Section.51C Business records to be kept
IRO Section.51D Rent records to be kept
IRO Section.56A Joint owners and co-owners
IRO Section.88 Exemption of charitable bodies
Charitable organization
A charitable organization is a type of non-profit organization . It differs from other types of NPOs in that it centers on philanthropic goals A charitable organization is a type of non-profit organization (NPO). It differs from other types of NPOs in that it centers on philanthropic goals A...
IRO Section.88A Advance rulings