Hong Kong – IRD issues profits tax, property tax and employer’s returns for 2022-23

IRD issues profits tax, property tax and employer’s returns for 2022-23


     The Inland Revenue Department today (April 3) issued about 220 000 profits tax returns, 120 000 property tax returns and 310 000 employer’s returns for the year of assessment 2022-23. About 2.4 million of tax returns for individuals will be issued on May 2. Taxpayers and employers are generally required to file their returns within one month from the date of issue of the relevant returns. For cases with tax representatives appointed, the deadlines for filing returns are set out in the Block Extension Letter posted on the department’s website.

     Members of the public can visit the department’s website (www.ird.gov.hk) for common questions and answers on how to complete tax returns. The department has gradually enhanced the functions of electronic tax filing to promote tax digitalisation and to enhance the efficiency, reliability and accuracy of return filing. Taxpayers are encouraged to file their tax returns through eTAX electronic services, details of which can be found on the webpage (www.gov.hk/en/residents/taxes/etax/services/index.htm) (Note). Guidance on electronic filing of employer’s returns is also available on the department’s website (www.ird.gov.hk/eng/tax/err.htm). The eTAX services permit individuals to use the Government’s “iAM Smart” digital services to log in and sign the tax returns (signing is only applicable to holders of “iAM Smart” accounts with digital signing function). For information about the “iAM Smart” services, please visit the website at (www.iamsmart.gov.hk).

     Starting from this year, all corporations and businesses, regardless of the amount of their gross income and the mode of return filing, must submit their profits tax returns together with all supporting documents (including financial statements and profits tax computations). Further, all relevant supplementary forms and other forms required to be furnished with the returns must be e-filed under eTAX. If a taxpayer does not choose to e-file the return, the taxpayer has to print and sign a paper Control List for the supplementary forms and/or other forms e-filed and then furnish the signed Control List together with the return and supporting documents in paper form.

     Enhanced e-filing services for profits tax returns were launched with the following new features and filing requirements:
* All corporations and businesses can e-file profits tax returns under eTAX for the year of assessment 2022-23. They only need to fill in simplified e-returns online, upload completed required forms and the supporting documents prepared in inline eXtensible Business Reporting Language (“iXBRL”) format, e-sign and submit the returns through eTAX.

* Semi-electronic filing mode is also available under eTAX. A taxpayer can upload the completed required forms and the supporting documents prepared in iXBRL format through eTAX, print a simplified tax return generated by eTAX for signature and submission in paper form.

* For full electronic filing or semi-electronic filing of profits tax returns, the taxpayer is required to submit the supporting documents (i.e. financial statements and profits tax computations) in iXBRL format. To facilitate corporations and businesses in preparing the required iXBRL data files, IRD iXBRL Data Preparation Tools are available for download on the department’s website (www.ird.gov.hk/ixbrl) free of charge.

     The department reminds taxpayers and employers to pay sufficient postage for returns to be posted to the department to ensure timely delivery. Underpaid mail items will not be accepted by the department. Please note that Hongkong Post has adjusted the postage rates with effect from September 26, 2022. The postage for local letters weighing 30 grams or less has been adjusted from $2 to $2.2. Postage rates can be found on Hongkong Post’s website at www.hongkongpost.hk.

Note: All eTAX online services will be suspended from 9pm on April 6 to 9pm on April 9 for migration of the Inland Revenue Department’s systems to a cloud platform.

Hong Kong – HKMA issues alert regarding specific website

HKMA issues alert regarding specific website


The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public in Hong Kong that Shao Bank as referred to on the website (https://shaobank.com/) does not have the authorization of the Monetary Authority (MA) under the Banking Ordinance (the Ordinance) to carry on banking business, or the business of taking deposits, in Hong Kong; and Shao Bank does not have the approval of the MA to establish a local representative office in Hong Kong under the Ordinance.
     Given the global nature of the Internet, members of the public are reminded to verify the status of any organisation making use of the Internet to offer bank accounts to, or to solicit deposits from, the public in Hong Kong prior to transferring any funds to, or providing any personal information to, any such organisation.
     A list of authorized institutions is available on the HKMA’s website (www.hkma.gov.hk). Members of the public may also check the status of any entity which appears to be soliciting deposits from the public in Hong Kong, or holding itself out as a bank or deposit-taking company in Hong Kong, by emailing the HKMA’s public enquiry service (publicenquiry@hkma.gov.hk).
     Anyone who has transferred monies or conducted any financial transaction, or who has provided personal information, in response to, or via, the above Website should contact the Police at any local Police Station or by calling the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

CP issues statement of condolence following the passing of David Starling, KCS voting trustee

, the shares of KCS were placed into a voting trust with Mr. Starling appointed as the voting trustee. The voting trust remains in effect until the U.S. Surface Transportation Board (STB) issues its decision on the companies joint railroad control application.

With Mr. Starlings passing, CP shortly will be pursing the appointment of a replacement voting trustee.

Forward looking information
This news release contains certain forward looking statements and forward looking information (collectively, FLI) to provide CP shareholders and potential investors with information about CP, KCS and their respective subsidiaries and affiliates, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as anticipate, expect, project, estimate, forecast, plan, intend, will, target, believe, likely and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI.

Although we believe that FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by FLI, including, but not limited to, the following: the timing and appointment of a replacement voting trustee; the realization of anticipated benefits and synergies of the CP-KCS transaction and the timing thereof; the success of integration plans; the focus of management time and attention on the CP-KCS transaction and other disruptions arising from the CP-KCS transaction; changes in business strategy and strategic opportunities; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favourable terms or at all; cost of debt and equity capital; the ability of management of CP, its subsidiaries and affiliates to execute key priorities, including those in connection with the CP-KCS transaction; general Canadian, U.S., Mexican and global social, economic, political, credit and business conditions; risks associated with agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures, including competition from other rail carriers, trucking companies and maritime shippers in Canada, the U.S. and Mexico; North American and global economic growth; industry capacity; shifts in market demand; changes in commodity prices and commodity demand; uncertainty surrounding timing and volumes of commodities being shipped; inflation; geopolitical instability; changes in laws, regulations and government policies, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; disruption in fuel supplies; uncertainties of investigations, proceedings or other types of claims and litigation; compliance with environmental regulations; labour disputes; changes in labour costs and labour difficulties; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; sufficiency of budgeted capital expenditures in carrying out business plans; services and infrastructure; the satisfaction by third parties of their obligations; currency and interest rate fluctuations; exchange rates; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes to international trade arrangements; the effects of current and future multinational trade agreements on the level of trade among Canada, the U.S. and Mexico; climate change and the market and regulatory responses to climate change; ability to achieve commitments and aspirations relating to reducing greenhouse gas emissions and other climate-related objectives; anticipated in-service dates; success of hedging activities; operational performance and reliability; customer and other stakeholder approvals and support; regulatory and legislative decisions and actions; the adverse impact of any termination or revocation by the Mexican government of Kansas City Southern de Mexico, S.A. de C.V.s Concession; public opinion; various events that could disrupt operations, including severe weather events, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and governmental response to them, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; insurance coverage limitations; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; and the pandemic created by the outbreak of COVID-19 and its variants, and resulting effects on economic conditions, the demand environment for logistics requirements and energy prices, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains.

We caution that the foregoing list of factors is not exhaustive and is made as of the date hereof. Additional information about these and other assumptions, risks and uncertainties can be found in reports and filings by CP with Canadian and U.S. securities regulators, including any prospectus, material change report, management information circular or registration statement that have been or will be filed in connection with the transaction. Reference should be made to Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations Forward Looking Statements in CPs annual and interim reports on Form 10-K and 10-Q. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty.

Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this news release is expressly qualified in its entirety by these cautionary statements.

About Canadian Pacific
Canadian Pacific (TSX:CP) (NYSE: CP) is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit www.cpr.ca to see the rail advantages of CP. CP-IR

CCI issues cease and desist order against Kraft Paper Manufacturers and their four associations for indulging in anti-competitive practices

The Competition Commission of India (CCI) issued a final order today against four regional associations of Kraft Paper manufacturers, including their 115 members which were found to have contravened the provisions of Section 3(3) read with Section 3(1) of the Competition Act, 2002 (the ‘Act’), which proscribe anti-competitive agreements. The case was initiated on the basis of information filed by three federations/associations of corrugated box manufacturers.

It was alleged that the various associations of Kraft Paper Manufacturers, by way of periodic meetings and correspondences, direct their members (i.e., Kraft Paper Mills) to: (i) increase the price of the paper to be sold to the buyers, i.e., corrugated box manufacturers; and (ii) create a condition of shortage to enforce the unjust price increase and shut the operation of the paper mills in a region collectively. 

Based on the evidence on record such as minutes of Meetings, e–mail communications, WhatsApp messages exchanged on WhatsApp groups as well as oral depositions of various representatives, the CCI found 119 parties including four regional associations of Kraft Paper Manufacturers in contravention of provisions of Section 3(3)(a) and Section 3(3)(b) read with Section 3(1) of the Act, except one Kraft Paper Mill, which was found guilty of contravention of provisions of Section 3(3)(a) read with Section 3(1) of the Act, only. Of the 119 opposite parties, 31 Kraft Paper Mills were lesser penalty applicants before the CCI. Under Section 46 of the Act, a cartel member may approach the CCI by way of filing an application seeking lesser penalty, in return for providing full, true and vital disclosures in respect of the alleged cartel to the Commission.

Keeping in mind the peculiar facts and circumstances of the case including the fact that the many of the Kraft Paper Manufacturers were MSMEs and were going through economic and financial crisis as a fallout of COVID-19 pandemic, the CCI refrained from imposing any monetary penalty upon the infringing associations and Kraft Paper Manufacturers. Further, several Kraft Paper Manufacturers also admitted their wrongdoings and adopted a cooperative and non-adversarial approach. Thus, the CCI considered the aforesaid as the mitigating factors for not imposing any monetary penalty and issued a cease and desist order against the contravening entities.

A copy of the order in Case No. 24 of 2017 is available on CCI website at www.cci.gov.in.


(Release ID: 1867171)
Visitor Counter : 408

Ministry issues Advisory against advertisements of betting still visible on Television and Digital Media

In light of the significant financial and socio-economic risk for the consumers, especially youth and children, the Ministry of Information and Broadcasting today issued two Advisories, one for private television channels and the other for digital news publishers and OTT platforms strongly advising them to refrain from showing advertisements of online betting sites and surrogate advertisements of such sites. The Ministry had earlier issued an Advisory on 13 June, 2022 advising newspapers, private TV channels and digital news publishers to refrain from publishing advertisements of online betting platforms.

It had come to the notice of the Government that several sports channels on television, as well as on OTT platforms, have recently been showing advertisements of offshore online betting platforms as well as their surrogate news websites. The Advisories were supplemented with evidences which contained direct and surrogate advertisements of offshore betting platforms such as Fairplay, PariMatch, Betway, Wolf 777, and 1xBet.

In the Advisories, the Ministry has informed that online offshore betting platforms are now using news websites as a surrogate product to advertise the betting platforms on digital media. In such cases, the Ministry has found that the logos of surrogate news websites bear striking resemblance to betting platforms. Moreover, the Ministry has stated that neither the betting platforms nor the news websites are registered under any legal authority in India. Such websites are promoting betting and gambling under the garb of news as surrogate advertising.

The Advisories issued by the Ministry stated that since betting and gambling is illegal in most parts of the country, advertisements of these betting platforms as well as their surrogates are also illegal. The Advisories relied upon the provisions of the Consumer Protection Act 2019, Cable TV Network Regulation Act 1995 and the IT Rules, 2021. The Ministry has stated that such advertisements are not in conformity with various related laws and has strongly advised TV channels as well as digital news publishers from broadcasting such betting platforms or their surrogate news websites, reminding TV channels that violation may invite penal action. The Ministry has also advised online advertisement intermediaries to not target such advertisements towards Indian audience.

The Ministry has mentioned that betting and gambling pose significant financial and socio-economic risk for the consumers, especially youth and children. Accordingly, the promotion of offline or online betting/gambling through advertisements is not advised in larger public interest.

The Ministry of Information & Broadcasting worked in close coordination with the Department of Consumer Affairs for the issue of the two Advisories.

Read the two Advisories at the links below:

  1. Advisory to TV channels: https://mib.gov.in/sites/default/files/Advisory%20to%20Private%20Satellite%20TV%20Channels%2003.10.2022.pdf
  2. Advisory to Digital Media: https://mib.gov.in/sites/default/files/Advisory%20to%20Digital%20News%20Publishers%20and%20OTT%20Platforms%2003.10.2022%20%281%29.pdf


Saurabh Singh

(Release ID: 1864846)
Visitor Counter : 1512