Zetland Tax Advisors Limited specialises in tax compliance and advisory services. Ongoing reforms in the global tax regulatory environment and improvement in the tax collection ability by the revenue authorities have exposed corporations and individuals to regulatory scrutiny across the jurisdictions in which they operate and carry out their businesses and works.
Tax compliance requirements have become not only a compliance issue but a business risk that could have material impact on the responsibilities of directors and the returns to shareholders.
We provide overall tax planning on the business structure and cross border issues. We plan from business commencement to exit strategies to increase the certainty in doing business globally. In providing our tax compliance and advisory services, we offer personal attention to clients. From strategic planning and re-structure to international tax planning for global competitive advantage, we provide a range of services to support and service our clients.
At Zetland Tax, our aim is to provide our clients with one-stop services, including your corporate and individual tax filings needs, your international tax planning and cross-border transactions considerations.
Our professional and dedicated team is focused on providing clients with specialist services across the core areas of tax compliance, transaction support and tax efficiency management and advisory on Hong Kong, USA, United Kingdom, Australia, China and Singapore tax matters.
We provide a comprehensive range of services from the completion of corporate tax returns to complex consultancy assignments and strategic tax planning. We also prepare property tax returns and sole trader accounts.
We offer extensive assistance in relation to our clients’ needs to file their individual tax returns. In addition, we also offer assistance on time apportionment claims for expatriates, as well as liaising with the tax offices on their enquiries.
We offer professional Hong Kong visa and immigration services for all types of Hong Kong visa of individuals and expatriates. Employers in Hong Kong are obliged to file annual returns of salaries and commissions paid and also notify the authorities when an employee is about to leave the territory. Our services include:
We can supply administrative help or full payroll systems through our sister company Gemini Personnel Limited.
Zetland Tax understands the tax implications of working in a global economy. We give international tax advice to a wide range of clients around the globe - from individuals, owner-managed businesses to listed companies. We have international tax structures for global completive advantage that are tailor made for the specific client's strategic plan.
At Zetland Tax, we believe in a fair and transparent fee structure at standard rates rather than percentage based fees. Thus, keeping our professional services price competitive.Contact us for a quotation
Hong Kong adopts a territorial source principle of taxation. Only income or profits which have a source in Hong Kong are taxable. The principle itself is very clear but its application in particular cases can be, at times, contentious.
The Hong Kong Inland Revenue Ordinance provides for the levying of three direct taxes:
|Profits Tax||Salaries Tax||Property Tax|
|First 2,000,000 8.25%||The lower of progressive rate 2-17% after deducting allowances||15%|
|On the remainder 16.5%||Or standard rate 15%|
The fiscal year in Hong Kong is defined from 1st April to 31st March the following year. Tax returns are filed annually and are typically due within one month.
Income from business activities entirely carried out outside of Hong Kong may qualify as “offshore income”, which is not subject to profits tax in Hong Kong. Apart from offshore income, this also includes income from other activities than carrying on a trade, business or profession. In other words, income from dividends, interest and capital gains are not subject to profits tax.
If you have any concerns on your Hong Kong tax filings or tax planning strategies, please talk to our professional team.
U.S. citizens and resident aliens (or US greencard holders) are subject to tax on their worldwide income, regardless of source. US citizens and resident aliens may exclude, however, up to $105,900 for 2019, and $107,600 for 2020 of their foreign-earned income plus certain housing expenses if they meet specified qualifying tests and if they file US tax returns to claim the exclusion.
A non-resident alien is subject to US tax on income that is effectively connected with a US trade or business and on US-source fixed or determinable, annual or periodic gains, profits and income (generally investment income, including dividends, royalties and rental income). US-source investment income is taxed on a gross basis at a flat rate of 30%. Income effectively connected with a US trade or business is taxed after subtracting related deductions. Portfolio interest and, generally, capital gains from the sale of stock in a US company are exempt from the 30% tax.
The federal US tax rates vary from 10% to 37% of taxable income and filing status. State and local tax rates vary widely by jurisdiction, from 0% to 13.3% of income.
Aside from taxes, every year, under the law known as the Bank Secrecy Act, a U.S. person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts. The accounts are reported by filing a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114.
I am a US non-resident with US trade and business income and need help with my US tax filing or tax advice
I am a US citizen/resident living outside of the US and need help with my US tax filing
At Zetland tax, we offer an extensive range of compliance and advisory services. We help our clients (both individual and corporate entity) achieve tax efficiency in their US inbound and outbound transactions involving the US. Please contact us if you have any US tax filing questions.
Individuals who are both resident and domiciled in the United Kingdom are liable to taxation on their worldwide income and gains. Foreign income of United Kingdom residents is taxed as United Kingdom income. Anyone physically present in the UK for 183 or more days in a tax year is classed as resident for that year. UK domiciled individuals who are not resident for three consecutive tax years are not liable for UK tax on their worldwide income. A UK taxpayer's income is assessed for tax according to a prescribed order, with income from employment using up the personal allowance and being taxed first, followed by savings income and then dividends.
|Rate||Dividend income||Savings income||Other income||Tax bracket (of income above tax-free allowance)|
|Additional rate||38.1%||45%||45%||Over 150,001|
UK source income is generally subject to UK taxation regardless of citizenship and place of residence of an individual or the tax residence of a company. The UK income tax liability of an individual or company who is neither resident nor ordinarily resident in the UK is limited to any tax deducted at source on UK income, tax on income from a trade or profession carried on through a permanent establishment in the UK and tax on rental income from UK real estate.
Self-assessment tax returns are being requested from individuals who are working overseas but have a reporting obligation in the UK because of their respective circumstances. We specialize in preparing self-assessment tax returns for relevant income of non-residents. We help to analyse the information required to accurately complete the tax return, including computing capital gains and inheritance tax liabilities where appropriate.
Contact our UK tax team if you have UK interests.
Foreign residents are taxed in Australia on income earned from their Australian investments.
For interest, unfranked dividends and royalties, tax is generally withheld in Australia at the time of payment. Rental income from Australian properties or capital gains from selling Australian assets must be declared in an Australian tax return.
Foreign resident are taxed on a progressive tax rate on their Australian income.
|Taxable income (AUD)||Tax on this income|
|0 – 90,000||32.5%|
|90,001 - 180,000||37%|
Contact our tax team if you have Australian taxable interests.
Foreign investors in China need to be aware of the complexity of the evolving tax and social security system.
Corporate Income Tax (CIT) standard tax rate is 25%, while a reduced rate of 15% or tax holidays may be available for encouraged industries.
Businesses that import, trade with, sell to or provide services in China will need to comply with VAT rules. A VAT rate of 16% applies to general taxpayers, while small-scale taxpayers apply a rate of 3%. The complex VAT offsetting rules require detailed attention.
Withholding income tax on payments to non-residents is applicable to interest, rental, royalty and other passive income.
Individual Income Tax (IIT) is charged on worldwide income at progressive rates ranging from 3% to 45% subject to the income level.
The IIT Law adopts a 183-day test to determine tax residency. This applies to foreign nationals residing in China as well. However, foreign nationals will be exempt from paying IIT on income sourced outside China and paid by overseas employers if they do not reside in China for six consecutive years. To reset the six years, a foreign national taxpayer must leave China for more than 30 days continuously in any year in which they reside in China for 183 days or more.
Zetland Tax, through our local office in Shanghai, will be able to assist in meeting the complex compliance in China and advise on tax efficiency and obligations for investments.
Singapore follows a territorial and remittance basis of taxation. Companies and individuals are taxed on Singapore sourced income, while foreign sourced income, such as branch profits, dividends, or service income will be taxed when it is remitted or deemed remitted into Singapore.
|Corporate Tax||Personal Tax|
|First SGD300,000 at an effective 8.5%||Progressive rate 2-22% above 20,000 for residents|
|On the remainder 17%||Non-resident tax on employment income, the higher of 15% or progressive rates|
|Director fees, consultant fees and all other income are taxed at 15% to 22%|
Singapore follows a single-tier corporate tax system. Tax paid by a company on its profits is not imputed to the shareholders and dividends are tax free. Interest, royalties, rentals from movable properties, management and technical fees, and director’s fees paid to non-residents are subject to withholding tax in Singapore. Singapore has no capital gains tax.
The current Goods and Services Tax (GST) rate is 7%.
With more than 50 bilateral comprehensive double tax treaties Singapore companies are adapt to international business.
At Zetland tax, we offer an extensive range of compliance and advisory services.
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