First registration tax hong kong. hk) for information of .

First registration tax hong kong The Business Registration Certificate (BRC) is a necessary legal document for all businesses operating in Hong Kong, serving as a Tax Identification Number and indicating compliance with the Companies Ordinance. As at end of October 2024, the total number of EVs is about 105 000, representing about 11. Ends/Wednesday, February 28, 2018 Issued at HKT 12:39 NNNN The aggregate maximum tax deductible limit for “Tax Deductible MPF Voluntary Contributions” (TVC) plan and QDAP is HKD 60,000 per taxpayer during the year of assessment if choosing “Individual Taxpayer”; the aggregate maximum tax deductible limit is HKD 120,000 if married couples have taxable income during the year of assessment. 3/F, United Centre 95 Queensway Tel: 2804 2637 Fax: 2804 2599. Motor vehicle first registration tax Drafting and Making Legislation in Hong Kong. gov. Businesses with less than HK$2 "That makes Hong Kong the second highest in terms of the EV to new car sales ratio. 2 of 2021) [24 June 1994] Jun 6, 2024 · The registered owner and a registered distributor (if applicable) should also declare to the Hong Kong Licensing Office on application form TD 469 the details of accessories fitted to and/or taxable warranty obtained for the motor vehicle within six months after first registration, and pay the additional first registration tax attributable to Please see Hong Kong e-Legislation (https://www. 330: M;7àZñ5/6Ô Jun 14, 2022 · If you browse Motor Vehicles First Registration Tax System (FRT) on a desktop computer, a modern web browser will allow you to hold down the Ctrl key (Command key on a Macintosh) and press the + or - key to increase or decrease the text size, and 0 to go back to the default size. Private cars (a) on the first $150,000 40% (b) on the next $150,000 75% (c) on the next $200,000 100% 4 days ago · It is worth noting that although Hong Kong does not impose car import duties, the high first registration tax makes Hong Kong one of the most expensive places in the world for cars. There is no transfer/turnover tax in Hong Kong SAR. Generally, the first registration tax only applies to new cars, and used cars which are shipped from abroad. Search. Transport & Motoring. First registration tax; Registration fee; Vehicle license fee; Levy to the Traffic Accident Victim Assistance Fund for the licensing of the vehicle; Hong Kong Licensing Office of Transport Department. Department or through the Motor Vehicles First Registration Tax System if client needs to use the car/motorbike in HK, fail to file the import return within 30 days of Oct 23, 2024 · First Registration Tax Concessions for Electric Vehicles : How To Apply. 600000 The corporate tax rates apply on the company’s overall profits during the tax year, with the first HKD 2 million being at 8. The maximum first registration tax concession for electric private cars will be cut from HK$97,500 to HK$58,500. Failure to submit tax returns on time may result in penalties and additional Feb 24, 2021 · In order to relieve traffic congestion brought by the rise in private cars, Hong Kong’s finance chief has proposed increasing the rate of each tax band for the first registration tax for private Jun 11, 2021 · The Revenue (First Registration Tax and Licence Fees for Motor Vehicles) Ordinance 2021 had been passed by the Legislative Council previously and was published in the Gazette today (June 11). Thus for example if a corporation makes HKD 10 million dollars during the year, the first HKD 2 million would be taxed at 8. Particulars of first registered vehicles (English version only)# Dec 9, 2024 · If you browse Motor Vehicles First Registration Tax System (FRT) on a desktop computer, a modern web browser will allow you to hold down the Ctrl key (Command key on a Nov 21, 2024 · Upon the verification of your submitted document, you are required to pay first registration tax and registration fee for the registration of your vehicle, and pay vehicle licence Jun 14, 2022 · All motor vehicles to be used on roads in Hong Kong, whether brand new or used, are subject to the first registration tax for motor vehicles payable at the Transport Department Drafting and Making Legislation in Hong Kong. Public Transport in Hong Kong. It is to be hoped that the new finance chief will instead adopt some or all of the more viable suggestions above, every one of which will genuinely help Mainland‑Hong Kong “Single Submission for Dual Declaration” Scheme on cargo; Hong Kong Authorized Economic Operator (AEO) Programme; Electronic Cargo Clearance Platforms; Certification of Non‑US Frozen Chicken Products Transhipped to the Mainland through Hong Kong; E‑Sea Customs Clearance Scheme(e‑SCC Scheme) Vehicle First Registration and Taxation. Age – the "Old PC" must have been first registered in Hong Kong for at least 6 years when its registration is cancelled owing to scrapping; (c) Ownership period Mar 28, 2024 · The first registration tax rates of van type goods vehicles weighing up to 1. You are required to prove your vehicle is fully compliant with the emission standards in the Air Pollution Control (Vehicle Design Standards)(Emission) Regulation and Noise Control (Motor Vehicles) Regulation. New business and first-time tax filers benefit from an 18-month grace period for their initial tax filing. R. Department or through the Motor Vehicles First Registration Tax System if client needs to use the car/motorbike in HK, fail to file the import return within 30 Feb 24, 2021 · The increases, effective from 11am on Wednesday, pushed the first registration tax for newly purchased private cars to 46 per cent of the first HK$150,000 of the vehicle’s taxable value, 86 per Jun 10, 2019 · First Registration Tax. : TD22) to the Hong Kong Licensing Office of Transport Department (Tel No. Aug 20, 2020 · The Financial Secretary announced today (August 20) the extension of the deadline of the current first registration tax (FRT) concession arrangement for electric vehicles (EVs) for three years to March 31, 2024. 2. Get QR Code; My Collection; Printing List; Feeds and An overview of key tax considerations for private clients in Hong Kong, including coverage of tax residence and domicile, capital gains, inheritance, real estate and trusts. A Government spokesman said, “The current FRT concession arrangement for EVs is scheduled to end on 31st March, 2021. hk 5 E. Over 60% of newly registered private cars in the first half of this year were electric. The car needs to be registered with the transport department. The Historical Laws of Hong Kong Online is a full-text image database providing access to past revised editions of Hong Kong Laws. The Customs and Excise Department (C&ED) is responsible for the assessment and collection of taxes on goods imported and exported from Hong Kong. 330, section 4C) (Enacting provision omitted E. 5 When the declared value is considered to reflect market value of the vehicle and the vehicle was registered in the name of the applicant in a place outside Hong Kong before its importation into Hong Kong, depreciation for the vehicle may be allowed, provided that valid The first registration tax was last adjusted in 2011. On the first registration of a motor vehicle, a first registration tax is charged. The database comprises a total of seven consolidations of the laws of Hong Kong: 1890, 1901, 1912, 1923, 1937, 1950, and 1964 (last updated to 1989). elegislation. 330: M;7àZñ5/6Ô 9HUL¿HG&RS\ # :4u F,`±6ù^r^Ã GULYHURSHUDWHGYLOODJHYHKLFOH 2¯! e . common to impose tax reduction/exemption measures on purchasing EVs (Table 2). 11. The Transport Department (TD) will revise the categorisation and description of "vehicle status" with effect from 2 January 2019 with a view to providing more objective Nov 28, 2024 · This guide covers everything you need to know about company registration in Hong Kong, offering a step-by-step guide from the start to post-incorporation. Other Key Measures l Increase the rate of each tax band for the first registration tax for private cars (including electric-private cars) by 15% and the vehicle licence fee by 30% with immediate effect. The relevant new FRT concession arrangements for various types of EVs are as follows: PCs that have been ordered on or before February 28, 2024, or have Jan 2, 2019 · The "First Registration Vehicle Status" (thereafter the "vehicle status") is a description shown on the vehicle registration document for all vehicles registered in Hong Kong. is exempted fully for electric commercial vehicles. Implementation of Apr 26, 2022 · Keynotes to minimize your tax liability. You need to file within one month from the date of the notification. Interpretation of Bilingual Legislation; Is It in Operation? References; Others. An example is the provision of first registration tax (FRT) concession arrangement for EVs, which includes the "One-for-One The Environmental Protection Department (EPD) today (February 20) announced that the qualifying standards (QS), first registration tax (FRT) concession rates and their concession caps for environment-friendly commercial vehicles (EFCV) would remain unchanged for the period from April 1, 2023, to March 31, 2024, inclusive. : 2804 2599) together with the supporting documents as prescribed in the application form. Taxation in Hong Kong. The first registration tax has not been adjusted for ten years, and Hong Kong has an efficient public transport system with diverse transport choices, the number of private cars in Hong Kong has climbed Figure 2 — First registration tax annual licence fee and adjustments introduced, and newly registered cars from 1978 to 2018* Note: (*) See . Taking [] Nov 11, 2022 · HK Customs' Motor Vehicles First Registration Tax System to be launched tomorrow (with photo) 27 Nov 2011. However, the first registration tax (FRT) rates for PCs were last increased in 2011, whereas the vehicle May 15, 2023 · Customs guide HONG KONG The global quality standard for international moving. Some motor dealerships May 5, 2021 · Given that Hong Kong is a small and densely-populated city, the Government has been encouraging the public to take public transport instead of driving private cars (PCs) for commuting, in order to optimise the use of limited road space. In particular, our neighboring jurisdictions, e. The relevant new FRT concession arrangements for various types of EVs are as follows: PCs that have been ordered on or before February 28, 2024, or have Dec 9, 2024 · If you browse Motor Vehicles First Registration Tax System (FRT) on a desktop computer, a modern web browser will allow you to hold down the Ctrl key (Command key on a Macintosh) and press the + or - key to increase or decrease the Mar 5, 2014 · Step 5 : Calculation of First Registration Tax 5. May 28, 2024 · The Hong Kong government introduced the first registration tax (FRT) concession arrangement (commonly known as the One-for-One scheme) in 2018, and this scheme has been in place for nearly 6 years. Offshore: Businesses registered . 25% (HKD A BSD is payable on acquisition of Hong Kong residential properties by any person other than a Hong Kong permanent resident. Private cars in Hong Kong Figure 1 – Long term trend of licensed private car number(1) Note: (1) All vehicles imported into Hong Kong must be registered and levied a first registration tax, and all vehicles can be driven on roads only with a licence issued by Transport Department. This is why Hong Kong taxes are regarded as business friendly hydrocarbon oil and methyl alcohol. (Hong Kong time) of February 24, 2021, they must pay the adjusted annual license fees. N µ]-_ö L ã! + . If this applies, you will have to pay this tax fee before moving on to the next step. standard, medium and quick)) in their car parks: the Hong Kong Housing Authority, the Hospital Authority, the Urban Renewal Authority, the Hong Kong Housing Feb 20, 2023 · The Environmental Protection Department (EPD) today (February 20) announced that the qualifying standards (QS), first registration tax (FRT) concession rates and their concession caps for environment-friendly commercial vehicles (EFCV) would remain unchanged for the period from April 1, 2023, to March 31, 2024, inclusive. Among others, the reliance on a narrow schedule of income taxes means that Hong Kong 's tax revenue may suffer in the event of an economic downturn. My GovHK < back. Road and Traffic Conditions & Special Arrangements. 4 billion in 6 years since 2015 Number of electric vehicles (EVs): 1 EV in every 8 new private cars (made up of 2. Introduction & New International Tax Standard – Base Erosion and Profit Shifting (BEPS2. Shipping Companies that provide vehicle shipping services to Hong Kong. 7% of all private cars) Public Charging Network NEW BUILDINGS: Install EV medium 5 days ago · Offering first registration tax (FRT) EV Models in Hong Kong. In Hong Kong, vehicles have a number of registration and licensing requirements that must be met before they’re legally At present, transport makes up around 20 per cent of total carbon emissions in Hong Kong. Appendix II for details on tax and fee adjustments. Drafting Legislation in Hong Kong— A Guide to Styles and Practices; How Legislation is Made in Hong Kong— A Drafter’s View of the The 2024-25 Budget announced today (February 28) that the first registration tax (FRT) concession arrangement for electric vehicles (EVs) will be extended for two years to March 31, Feb 24, 2021 · The Government announced in the Gazette today (February 24) that the following adjusted first registration tax (FRT) rates for private cars (PCs) take effect from 11am on Please see Hong Kong e-Legislation (https://www. Who is the Tax Authority in Hong Kong. Tax Incentives for Environment-friendly Commercial Vehicles ; Ex-gratia Payment Scheme for Phasing Out Euro IV Diesel Commercial Vehicles . 3. 24th February 2021 – (Hong Kong) The Government announced in the Gazette today that the following adjusted first registration tax (FRT) rates for private cars (PCs) take effect from 11am on 24th February, 2021: Original tax rates Adjusted tax rates Private car taxable value: (a) on the first HK$150,000 40% 46% (b) [] Feb 25, 2021 · The buyer of a HK$500,000 vehicle, for example, will pay an extra HK$40,000 after the adjustment, with the first-time registration tax rising to HK$310,000 from HK$270,000. </p> <br /> <p> For more details, please refer to the One-for-One Replacement Scheme on First Registration Tax Concessions for Electric Vehicles announcement from HKSAR government. On the first registration of a motor vehicle, a first registration tax is charged. : (852) 2804 2637 or Fax No. formulate the Strategy of Hydrogen Development in Hong Kong – Hydrogen fuel can be used in the fields of transport According to the Motor Vehicles (First Registration Tax) Ordinance (Cap. 25% and 7. 25% on the first HKD 2 million in profits; 16. Motor vehicles are subject to First Registration tax. To work towards the goal of achieving carbon neutrality before 2050 in Hong Kong, development of green transport is paramount. Accumulated concessions exceeding $7. The tax concessions for newly registered environment-friendly commercial vehicles of the above vehicle classes are subject to vehicle-class-specific Feb 24, 2021 · In order to relieve traffic congestion brought by the rise in private cars, Hong Kong’s finance chief has proposed increasing the rate of each tax band for the first registration tax for private From 1 April 2024 to 31 March 2026, the first registration tax (FRT) concession cap is adjusted to $58,500* for electric private cars. Registration and licensing. Copy of “Record of Registration” stamped by Customs & Excise Department for importing/distributing motor vehicles of the authorized local representative according to Motor Vehicles (First Registration Tax) Ordinance, Cap 330; 10. Electric Private Cars valued at over $500,000 before tax will not be entitled to the FRT concessions. Furthermore, the Government has set out in this year's Budget the formulation of Hong Kong's first road map on the popularisation Jun 13, 2022 · First Registration Tax (FRT) Concessions FRT concessions and One-for-One Replacement Scheme for e-private cars. 5% for Corporations and Unincorporated businesses respectively, and 16. At present, 380 EV models from Feb 28, 2024 · The first registration tax (FRT) concessions for electric vehicles, due to terminate at the end of March, will be extended for two years, with the concessions reduced by 40 percent given the price Hong Kong Registration tax for private cars is 40% on the first $150,000. Licensing of vehicles takes place after registration. " The extended EV tax concessions are applicable until the end of March 2026. Electric private vehicles priced over HK$500,000 will "Cutting the first registration tax exemption for electric private cars is misguided and ineffective. Mar 30, 2017 · The Government will start implementing the new first registration tax (FRT) regime for electric vehicles (EVs) from April 1 2017, which will last up to March 31, 2018. We're after Norway. Hong Kong imposes higher tariffs on alcoholic products: - Liquor with an alcohol content of 30% or above: HK$100 per liter. hk) for information of (First Registration Tax) Ordinance 1 2 JÔ 330 J JÔ 1 8E Section 1 Cap. Upon the verification of your submitted Motor Vehicles (First Registration Tax) (Depreciation) Regulations 2 Regulation 1 Cap. Transfer tax / Turnover tax / Registration tax. For electric private cars, there is Hong Kong 2021/22 Budget www. May 15, 2023 · Import Customs guide HONG KONG The global quality standard for international moving. If the car was first registered in Hong Kong and was exported Motor Vehicle First Registration Tax Motor Vehicles First Registration Tax, or simply known as Motor Vehicles First Registration Tax, is an indirect tax levied under the Motor Vehicles (First Registration Tax) Ordinance, Chapter 330 of Nov 24, 2022 · Submitting applications for first registration and higher FRT concession for the “Replacement e-PC” under the “One-for-One Replacement” Scheme 3 E-mail address: hklo@td. 5% of the total number of vehicles. The Inland Revenue Department ("IRD") administers the tax regime in Hong Kong According to the Motor Vehicles (First Registration Tax) Ordinance (Cap. N µ]-_ö L p»M;9s_È1¾4áX @b ã Nov 21, 2024 · When applying for first registration of your vehicle, you should submit a completed application form (Form No. hk) for information of provisions and amendments not yet in operation. : TD22 ) to the Hong Kong Licensing Office of Transport Department (Tel No. 0) Aiming to apply the global minimum tax rate of 15% on large multinational enterprise groups with an annual consolidated group revenue of Prices are subject to final approval from Hong Kong Customs and Excise Department. to put the vehicle into the state to meet first registration requirements. Moreover, there are no filing requirements. 00, rising to 115% on higher value cars. Nov 5, 2024 · The Government announced on 28 February 2024 that the first registration tax (FRT) concession arrangement for electric vehicles will be extended for two years up to 31 Oct 23, 2024 · Implementation of the Revised First Registration Vehicle Status. The IRD notifies you to file for the first tax return 18 months after you start your business. 9 tonnes are 35% on the first $150,000 of vehicle taxable value, 65% on the next $150,000 and 85% on the remainder. % and 15% for profits thereafter. 330A 9HUL¿HG&RS\ full value of the vehicle, calculated in accordance with the relevant provisions of section 4E of the Ordinance, reduced by the amount Hong Kong Created Date: Drafting and Making Legislation in Hong Kong. The FRT concession cap for private car (PC) owners eligible for the "One-for-One" Scheme will be adjusted to HK$172,500. Aug 20, 2020 · Apart from continuing to provide first registration tax (FRT) concession up to HK$97,500 for the purchase of electric private cars (e-PCs), the Government launches Age – the “Old PC” must have been first registered in Hong Kong for at least 6 years when its registration is cancelled (de-registration) owing to scrapping, May 17, 2021 · To disincentivize private car ownership of all types, Hong Kong has implemented a Vehicle First Registration Tax, an annual vehicle license fee, parking space costs and parking fees. 5% on profits above that) on their profits. In Hong Kong, under the current policy, the first registration tax ("purchase tax") 13. Figures shown above are as at year end, except for 2021. hk 4 Address : 3/F, United Centre, 95 Queensway, Admiralty, Hong Kong; Attention: Executive Officer/First Registration Tax Please see Hong Kong e-Legislation (https://www. The Ordinance seeks to give effect to the increases of the first registration tax and vehicle licence fees for private cars as announced in the 2021-22 Apr 24, 2024 · The first registration tax (FRT) concession arrangement for electric vehicles (EVs) is extended till March 31, 2026. Effective from 11 am on 28 February 2024, the rate of BSD payable is reduced to 0%. The 2024-25 Budget announced today (February 28) that the first registration tax (FRT) concession arrangement for electric vehicles (EVs) will be extended for two years to March 31, 2026. All motor vehicles which are for use in Hong Kong and have not been first registered in Hong Kong are subject to the First Registration Tax (FRT). 1 In general, the first registration tax of vehicle will be derived from the taxable value times the appropriate tax rates as shown below: Class of Motor Vehicle Rate of Tax I. 1 New Registration Any persons, for trade or business y importing motor vehicles for use in the HKSAR, and / or y distributing or retailing motor vehicles for sale for use in the HKSAR Pursuant to the 2018-19 Budget Speech, the Environment Bureau (ENB) announced today (February 28) the details of the first registration tax (FRT) concessions for different types of Go to main content please contact the TD's Hong Kong Licensing Office at 2804 2270. To better serve the public and the motor vehicle trading industry, Hong Kong Customs will launch the online Motor Vehicles First Registration Tax (FRT) System tomorrow (November 28). search. The FRT concession cap for PC owners eligible for the "One-for-One Replacement" Scheme is adjusted to $172,500*. Get QR Code; My Collection; Printing List; Feeds and Nov 25, 2011 · y Vehicle which has been used in Hong Kong and which First Registration Tax was not paid and is for use in Hong Kong (ii) Input all the required information of the imported vehicle (iii) Enter the verification code (Note: You may press the button to refresh the image of the verification code. Onshore: Companies with business activities, including sales, services, and employees, in Hong Kong are taxed at the standard corporate tax rate (8. e. Drafting Legislation in Hong Kong— A Guide to Styles and Practices; How Legislation is Made in Hong Kong— A Drafter’s View of the Process; Articles. C-1 Motor Vehicles (First Registration Tax) Regulation (Cap. Pay first registration tax (if applicable): On the first registration of a motor vehicle, a first registration tax is charged for some vehicles. crowe. Electric private cars purchased before Thursday and those set to be shipped to Hong Kong has a low rate of tax and its taxes are territorially based. The FAIM label is your global assurance for a smooth, safe and comprehensive relocation process. ) Nov 5, 2024 · The Government announced on 28 February 2024 that the first registration tax (FRT) concession arrangement for electric vehicles will be extended for two years up to 31 March 2026. Since EV owners receive a preferential tax rebate and fee discount, these policies have worked primarily to make fossil fuel vehicles cost-prohibitive and This week, learn what you need to do when you buy a new car in Hong Kong. Financial Secretary Paul Chan defended tax and fee increases on private vehicles on a radio programme on Thursday. Singapore, also allowed deduction of reinstatement costs. Article Menu. With the current Laws of Hong Kong available on the web, the Historical Laws of Hong Kong Online The 2024-25 Budget announced today (February 28) that the first registration tax (FRT) concession arrangement for electric vehicles (EVs) will be extended for two years to March 31, 2026. g. Alcohol tariff. Road Network & Facilities. Feb 22, 2023 · (5) whether it knows the respective numbers of EVs currently owned and in use by the following organisations, as well as the numbers of EV chargers (with a tabulated breakdown by type (i. The amount of tax payable will vary depending on the type of good or service being taxed, and the Hong Kong customs authority can provide more specific information on 20th August 2020 – (Hong Kong) The Financial Secretary announced today the extension of the deadline of the current first registration tax (FRT) concession arrangement for electric vehicles (EVs) for three years to 31st March, 2024. In the 2024-25 Budget , the Financial Secretary announced that the electric private car One-for-One scheme would be extended by two years, but the Nov 21, 2024 · When applying for first registration of your vehicle, you should submit a completed application form (Form No. Click here to learn more* </p> Charge Duration: 20. 330), unless prior approval is obtained from the Commissioner for Transport, a registered vehicle owner must not sell a motor vehicle which was first registered in Hong Kong on or after 1 August 1994 at a price greater than the aggregate of the taxable value of the motor (2) of the number of newly registered EVs in Hong Kong in each of the past three years; whether it will provide economic incentives to boost the popularisation rate of EVs, such as reviewing the eligibility criteria for and the first registration tax (FRT) concessions offered by the "One-for-One Replacement" Scheme (which provides higher FRT It just needs to be registered with the Hong Kong government, and then you can start your business. As a one-off arrangement, e-PCs ordered by buyers from locally registered distributors or arranged for shipment to Hong Kong by their owners before 11am on February 22, 2017 Apr 28, 2022 · 9. 000000: Accelerate: 6. First registration tax concessions for electric vehicles. The FRT of a motor vehicle is calculated on the basis of the taxable value of the motor vehicle and in accordance with the percentage for that vehicle class as specified When applying for first registration of your vehicle, you should submit a completed application form (Form No. Deloitte welcomes this new deduction which would enhance the profits tax system in Hong Kong and increase Hong Kong’s competitiveness. Copy of dealership agreement between the manufacturer and authorized local representative in Hong Kong; and 11. The calculation of the first registration tax under the “One-for-One” electric vehicle scheme is as follows: (First HK$150,000 taxable value (car price) x 46%) + (Next HK$150,000 x 86%) + (Next HK$200,000 x 115%) + (Remaining car price x 132%) – HK$287,500 The existing private car has been first registered in Hong Kong for at least 6 promote the use of electric private cars – The first registration tax concession arrangements for electric vehicles have borne fruit. Schumacher In Hong Kong, profit or income is taxed based on whether it is generated onshore or offshore:. Find out the details and download related application forms from this webpage. 1. Motor Vehicle First Registration Tax. The typical cost of utilising a business registration service in Hong Kong is HK$2,150, and additional charges for late renewal of the OECD average, Hong Kong's tax base is noticeably more reliant on taxation from property, personal income and corporate profits, and less dependent on taxes on goods and services. 330), unless prior approval is obtained from the Commissioner for Transport, a registered vehicle owner must not sell a motor vehicle which was first registered in Hong Kong on or after 1 August 1994 at a price greater than the aggregate of the taxable value of the motor User Manual on Motor Vehicles First Registration Tax System Page 3 Chapter 2 Registration as a Motor Vehicle Importer/Distributor 2. Photo: Felix Wong Michael Shum The first registration tax concessions for electric vehicles will be extended for two years - but with a reduction of 40 percent. nuaz qblf ewo extsuz emgr zxb hww cka wavpuvv ajut