Hong Kong Ordinances

INLAND REVENUE ORDINANCE - SECT 14

Charge of profits tax

PART IV

PROFITS TAX

(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)