STEP Hong Kong Philanthropy Group talk on the new Tax Guide for Charitable Institutions and Trusts of a Public Character - 8 July 2020
The offices of Withers
20/F Gloucester Tower
Hong Kong Island
Hong Kong SAR China
New "Tax Guide For Charitable Institutions and Trusts of a Public Character" - What you need to know
Michelle Chow, Consultant at Withers, a lawyer with extensive experience on charity law and charity operations will discuss the new tax guide for charities.
The IRD published a new 28 pages guide in late April 2020, which is an updated version of the September 2019 version. What do you need to know from this new guide?
- what the IRD does NOT do – no advice on setting up or running of charities
- what constitutes public benefit?
- tax exemption – what must be noted: the proviso to section 88 Inland Revenue Ordinance
- Charities need to pay tax? What is NOT exempted from tax – trade or business
- Financial investment - is it allowed? Are income, gains or profits exempted from profit tax liability? How about property letting?
- Charity Periodic Review – what's new?
The guide can be found here: https://www.ird.gov.hk/eng/pdf/tax_guide_for_charities.pdf
Please bring your own copy.
This is a bring-your-own-lunch meeting. This event is free to attend but, as places are limited, please register with Janet Yee beforehand.