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Management Control Essay

642 words - 3 pages

a)
Section 15 (1) (b) states that the deemed trading receipts of non-resident corporation are the sums not otherwise chargeable to profits tax, received by or accrued to a person for the use of or the right to use in Hong Kong any patent, design, trademark, copyright material, secret process or formula or other similar property, or for imparting knowledge connected with the use in Hong Kong of any such properties.
In the case of CIR V Emerson Radio Corporation, two of the judges were of the view that Emerson HK had used the trademark in Hong Kong by virtue of affixing the mark to goods made in Hong Kong during the manufacturing process. The royalties could be apportioned between those relating to the use of the trademark in Hong Kong and those relating to the use of the trademark elsewhere.

To counteract the impact of the CFA’s decision, s15 (1) (b) (a) was enacted. It states that the deemed ...view middle of the document...

In the case, ABC limited used the patent rights of the overseas licensor during the manufacturing process, the royalty fee is taxable.

Section 21A, the assessable profits form deemed trading receipts under ss. 15 (b) or (ba) are taken to either 30% or 100% of the sum as follows: the deemed profits will be charged 100% if the payment is made by an associate and the intellectual property was previously owned by a person carrying on business in Hong Kong. In other cases, the deemed profits will be charged for 30%.

In the case, the overseas licensor is not parent company of ABC limited, the deemed profit will be only charged for 30%.
b)
According to s s15 (1) (b) (a), if ABC Limited claimed deduction for the royalty fee, the royalty fees will still be assessable. Section 21A, the assessable profits form deemed trading receipts under ss. 15 (b) or (ba) are taken to either 30% or 100% of the sum as follows: the deemed profits will be charged 100% if the payment is made by an associate and the intellectual property was previously owned by a person carrying on business in Hong Kong. In other cases, the deemed profits will be charged for 30%.

In the case, the overseas licensor is not parent company of ABC limited, the deemed profit will be only charged for 30%.

However if ABC Limited did not claim deduction for the royalty fee, the royalties could be apportioned between those relating to the use of the trademark in Hong Kong and those relating to the use of the trademark elsewhere.

c)
Section 21A, the assessable profits form deemed trading receipts under ss. 15 (b) or (ba) are taken to either 30% or 100% of the sum as follows: the deemed profits will be charged 100% if the payment is made by an associate and the intellectual property was previously owned by a person carrying on business in Hong Kong. In other cases, the deemed profits will be charged for 30%.

If the overseas licensor is an associate of ABC limited and the patent right is owned by a Hong Kong Company carrying on business in Hong Kong, the deemed profit will be charged for 100%.

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