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Hong Kong Companies Earn Tax Deductions For Eco-friendly Facilities
May 8, 2008 |
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| Category: Law & Order
Hong Kong plans an accelerated tax deduction for environment-friendly facilities as part of its Revenue Bill 2008.
Subject to the passing of the Bill by the Legislative Council, amendments will be made to the Inland Revenue Ordinance (IRO).
Eligible facilities are divided into two categories: environmental protection machinery and environmental protection installations. Environmental protection machinery includes low noise construction machinery or plants registered under the Quality Powered Mechanical Equipment system administered by the Environmental Protection Department.
A 100% deduction under profits tax will be provided in the year of purchase for the capital expenditure incurred on the provision of eligible machinery, said a statement issued by the Hong Kong government. A deduction under profits tax for 20% of the capital expenditure incurred on the construction of eligible installations will be provided in each of the five consecutive years starting from the year of acquisition.
Hong Kong's Legislative Council still needs to pass the bill and then amendments might be made to the Inland Revenue Ordinance. Eligible machinery and installations will be listed in Part 1 and Part 2 respectively of a new schedule to the IRO. After the enactment of the amendments to the IRO, taxpayers may claim the deductions in their profits tax returns for 2008-09 and subsequent years of assessment.
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