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 Delta i ...

'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 inhe ...

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 ...

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 ...

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. An industry trade association partic ...

s, etc. IRO Section.25 Deduction of

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 ...

External links

Inland Revenue Ordinance Cap.112 (online)
Taxation in Hong Kong Hong Kong legislation {{HongKong-law-stub