08 Dec 2009

Specific Deductions Under The Income Tax Ordinance

by Darren

A specific deduction under Hong Kong taxation law is one specifically defined within the Tax ordinance. A non-exhaustive list of deductions are identified under the Ordinance but subject to certain restrictions and conditions. To be deductible, a listed outgoing or expense must also satisfy the general conditions of deductibility. The allowable deductions listed include:
  • expenses connected with borrowing money
  • rent
  • foreign tax
  • bad debts
  • repair costs
  • replacement costs
  • the costs of registering trademarks and designs and the costs of registering or granting patents and
  • any other deductions prescribed by any rule made under the Ordinance
I will go into the detail on each of these over the next few weeks.

Next entry: Prohibited Deductions Under Section 17 of the Income Tax Ordinance
Previous entry: Deductions for Foreign Enterprises in China


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