Contents of Section

Chapter:

112 PDFTitle:Inland Revenue OrdinanceGazette Number:E.R. 1 of 2012
Section:14Heading:Charge of profits taxVersion Date:09/02/2012

(1) Subject to the provisions of this Ordinance, profits tax shall be charged for each year of assessment at the standard rate on every person carrying on a trade, profession or business in Hong Kong in respect of his assessable profits arising in or derived from Hong Kong for that year from such trade, profession or business (excluding profits arising from the sale of capital assets) as ascertained in accordance with this Part. (Replaced 2 of 1971 s. 9. Amended 7 of 1986 s. 12; 56 of 1993 s. 8)
(2) In the case of-

    (a) a corporation; and
    (b) a corporation (relevant corporation) to which a share of the assessable profits of a partnership is apportioned under section 22A and is charged in the partnership name under section 22,
    profits tax shall be charged on the assessable profits of that corporation, or on that share of the assessable profits of that relevant corporation, as the case may be, at the rate specified in Schedule 8. (Added 56 of 1993 s. 8)