Profits Tax

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Profits Tax

A term for the corporate tax in Hong Kong.
References in periodicals archive ?
901, which specifically restricts the foreign tax credit to foreign "income, war profits, and excess profits taxes." The problem, however, lies in defining what is an income tax.
Line 1 of Schedule H (Current Earnings and Profits) currently requires taxpayers to submit the "[c]urrent year net income or loss before any reduction for any income, war profits, and excess profits taxes." The underlined phrase has been deleted from the draft on the basis that line 3 requires the taxpayer to adjust to U.S.
901(b)(1), taxpayers can claim a credit for "the amount of any income, war profits, and excess profits taxes paid or accrued ...