Home Office Tax Deduction Hong Kong

Dipn 55 sets out the ird s interpretation of the r d tax concession the practical application of the concession and documentation requirements. All individuals whether a resident or non resident of hong kong are subject to hong kong salaries tax on i hong kong sourced employment income ii income from an office held in hong kong and iii income from a hong kong pension. Nolo 20 tax deductions not to miss for home based businesses tax deductions for working from home bloom accounting irs home office tax deduction rules calculator money crashers using your home for the business claiming business expenses ird the comprehensive list of small business tax deductions being in business often means home office tax deduction.

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Application for full partial exemption of income or claim for tax credit under salaries tax.

Home office tax deduction hong kong. Home office deduction under the trump tax plan if the 2016 election had gone another way under the previous irs provisions millions of more people would be able to take the home office deduction. The hong kong inland revenue department ird released its practice note regarding the research and development r d tax concession in hong kong. Public forms salaries tax and personal assessment completion and filing of your tax return bir60 suspension of service for filing of tax return individuals through etax. Home loan interest that you pay for the acquisition of a dwelling situated in hong kong and any car parking space located in the same development of the dwelling can be deducted from your assessable income under salaries tax or from your total income under personal assessment if prescribed conditions are met.

For the employee to claim the deduction however he must be able to demonstrate that the requirements have in fact been met. The easiest way to calculate your home office tax deduction is called the simplified method the irs allows taxpayers to deduct 5 per square foot up to 300 square feet of home used in. Tax computation of salaries tax and personal assessment. There is a common misconception among hong kong company owners that any and all expenses are tax deductible.

Home office tax deduction hong kong. Start tracking eligible home office expenses now. The list of deductible home office expenses for non commission employees may be limited but every penny can be worth saving in uncertain economic times. Generally speaking only expenses incurred for the production of business income are tax deductible.

This is not true. Hong kong adopts a territorial basis of taxation.