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Corporate Taxation – Singapore Vs Hong Kong

A key determinant for setting up a business in a given jurisdiction is the tax regime in force. In this regard, both Hong Kong and Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is a comparative overview of the tax system in Singapore Vs HK. Tax jurisdiction Singapore Taxes are levied on a territorial principle i.e. companies and individuals are taxed on Singapore sourced income. Foreign sourced income (branch profits, dividends, service income, etc.) will be taxed when it is remitted or deemed remitted into Singapore unless the income was already subjected to taxes in a jurisdiction with headline tax rates of at least 15%. Hong Kong Taxes are levied on the territorial principle i.e. only on income “derived from or arising in” HK and n...[Read More]