The Inland Revenue Ordinance is one of
Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...
's Ordinances. It regulates the inland
revenue
In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business.
Commercial revenue may also be referred to as sales or as turnover. Some companies receive reven ...
of Hong Kong.
Most commonly used sections
Interpretation
IRO Section.2 Interpretation of some terms using in the ordinance.
Property tax
IRO Section.5 Charge of
property tax
A property tax or millage rate is an ad valorem tax on the value of a property.In the OECD classification scheme, tax on property includes "taxes on immovable property or net wealth, taxes on the change of ownership of property through inheri ...
IRO Section.5B Ascertainment of assessable value
IRO Section.7C Rental Bad debts (irrecoverable & recovered)
Salaries tax
IRO Section.8 Charge of
salaries tax
Salaries tax is a type of income tax that is levied in Hong Kong, chargeable on income from any office, employment and pension for a year of assessment arising in or derived from the territory. For purposes of calculating liability, the per ...
IRO Section.9 Definition of income from employment
Profit tax
IRD
Rules 5 Charge of Profit tax in respect of non-resident
IRO Section.14 Charge of
profits tax
IRO Section.15 Certain amounts deemed trading receipts
IRO Section.16
Ascertainment of chargeable profits
IRO Section.17 Deductions not allowed
Tax computation
IRO Section.18 Basis for computing profits
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
Consignment involves selling one's personal goods (clothing, furniture, etc.) through a third-party vendor such as a consignment store or online thrift store. The owner of the goods pays the third-party a portion of the sale for facilitating t ...
IRO Section.22 Assessment of
partnership
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments o ...
s
IRO Section.24
Club
Club may refer to:
Arts, entertainment, and media
* ''Club'' (magazine)
* Club, a '' Yie Ar Kung-Fu'' character
* Clubs (suit), a suit of playing cards
* Club music
* "Club", by Kelsea Ballerini from the album ''kelsea''
Brands and enterprises ...
s,
trade association
A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific Industry (economics), industry. An industry tra ...
s, etc.
IRO Section.25 Deduction of
property tax
A property tax or millage rate is an ad valorem tax on the value of a property.In the OECD classification scheme, tax on property includes "taxes on immovable property or net wealth, taxes on the change of ownership of property through inheri ...
from
profits tax
* 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 furnished
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
Advance commonly refers to:
*Advance, an offensive push in sports, games, thoughts, military combat, or sexual or romantic pursuits
*Advance payment for goods or services
*Advance against royalties, a payment to be offset against future royalty pa ...
See also
*
List of Hong Kong legislation The following is a list of legislation passed by the Legislative Council of Hong Kong. Some have been repealed and replaced with updated laws. In total there are 1181 ordinances in effect and an assortment of subsidiary legislation associated with t ...
External links
Inland Revenue Ordinance Cap.112 (online)
Taxation in Hong Kong
Hong Kong legislation
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