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Hong Kong capital gains tax?

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ORIGINAL POST
Posted by sur501 18 yrs ago
I sold a property one month after buying it in 2005 for a small profit because I found it was not suitable for my own office use.

Now 2 years later the IRD has come back to me and claiming a "profits tax".

Is this not supposed to be a capital gains tax which the Invest Hong Kong Office loudly proclaims on their website that Hong Kong does not have as one the tax advantages.

Does hong Kong have a capital gains tax and is profit on property transaction not considered a capital gains tax?

Do I have any options?Can I get legal advise?


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COMMENTS
ldavy 18 yrs ago
There is no Capital Gains Tax. Property Tax is only charged on premises which have been leased out, or on premises which the IRD believes may have been purchased by a person or company making money out of buying and selling property. They may have assumed that you're doing this because you sold the office so soon after buying it. If I were you I'd speak to the IRD.

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associates 18 yrs ago



The best advice is to get the best advice..........the IRD is likely suggesting you have a Profit Tax accessible (i.e. a trading for gain)......all will be determined on the facts and how you present them to the IRD; an initial interview with a qualified law firm would run you HK$2,500 at the end of which way you will know where you are.


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