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The Hong Kong economy experienced a moderate revival in the first three quarters of 2023, with a year-on-year real GDP growth of 2.8% for the first three quarters. Real GDP grew by 4.1% in the third quarter of 2023 over a year earlier. The HKSAR Government revised its real GDP growth forecast for 2023 from 4% to 5% (as announced in August 2023) to 3.2%1. The HKSAR Government indicated that a fiscal deficit amounting to over HK$100 billion is envisaged for this year.

Abstract

This article explores the evolution of the general anti-avoidance rule (“GAAR”) in Singapore’s income tax legislation from its enactment in 1988 to its subsequent judicial interpretation and application by the Singapore law courts. From the outset, the focus of the GAAR has been to target blatant tax avoidance schemes and not to interfere with bona fide commercial or personal transactions, even if these transactions resulted in incidental tax savings. Such an approach was affirmed by the Singapore Court of Appeal in a landmark case on tax avoidance when it introduced a formal five-step framework that defined the scope and set out the interpretation of the GAAR.

全國人大常委會於2023年12月29日審議通過了《中華人民共和國公司法》修訂案（以下簡稱新《公司法》）。新《公司法》在公司資本制度、公司治理結構、董監高職責及簡化流程等方面作出了重要修訂，是《公司法》自1993年頒布以來最為全面的修訂。新《公司法》於2024年7月1日起正式施行，一些修訂條款可能會對企業產生稅務影響。本文將從中國稅務角度介紹新《公司法》與2018年修訂版《公司法》（以下簡稱原《公司法》）的重要條款的新增和改變，並淺析可能產生的稅務影響。

Abstract

Advance tax rulings (“ATRs”) are important as they provide certainty and clarity to taxpayers regarding the tax treatments of specific transactions or arrangements; promote clarity and consistency in applying tax laws, benefiting both taxpayers and tax authorities; and act as an effective tool to prevent tax disputes and foster tax compliance.

In the absence of nationwide legislation for ATRs in China, many provincial and municipal tax authorities have recently promulgated their own ruling regimes and started to receive applications. Such trial runs of ATRs are welcomed by taxpayers and tax practitioners.

This article provides an overview of the latest developments for Chinese tax authorities to introduce ATR regimes in trial locations and also highlights the ATR practices of Hong Kong and Singapore, which can serve as valuable references for the future implementation of ATRs in China.

The Second and Third Supplements of Volume 37 of Inland Revenue Board of Review Decisions were published in December 2023 and March 2024, respectively. Seven cases were reported in these two publications: five salaries tax cases and two profits tax cases. Of the five salaries tax cases, one relates to the taxability of a share option, one concerns the timing of the taxability of awards under incentive plans, one relates to the deduction of dependent brother or sister allowance, and two concern late appeal. The two profits tax cases concern the taxability of profits derived from the sale of properties.

There have been a number of New Zealand (“NZ”) tax legislation developments during 2023, which are detailed below.

It should also be noted that NZ’s general election in October 2023 has resulted in a change of government, which could have implications for some of the tax measures enacted, or introduced but not yet passed, prior to the election.

Individuals in certain jurisdictions in the Asia-Pacific region have long had an interest in Canada. Sometimes, that interest is to settle in Canada permanently. For others, it is to obtain a Canadian passport and then potentially leave Canada, often returning to their jurisdictions of origin.

Like most countries in the world, Canada levies taxation on world income if an individual is a resident. If an individual is not resident in Canada, taxation is confined to certain Canadian source income. Therefore, it becomes very important to determine if and when an individual 1) becomes and 2) ceases to be resident in Canada.

Lastly, as this article will show, the rules for determining Canadian residence are significantly modified by international treaties.

Pillar 2 is currently being implemented on a near global basis, with various jurisdictions legislating for a Qualified Domestic Minimum Top-up Tax (QDMTT) and the GloBE Rules. QDMTTs are purely domestic versions of the GloBE Rules, designed to capture Top-up Tax in the implementing jurisdiction. Whereas the GloBE Rules are designed to be internationally applicable. QDMTTs effectively have priority over the GloBE Rules, with the concept of a QDMTT Safe Harbour elevating the importance of QDMTTs further. As jurisdictions implement the rules, the distinction between QDMTTs and the GloBE Rules is becoming more and more apparent. The potential for discrepancy between the various rules implemented across jurisdictions and the challenges posed by the rapidly evolving Agreed Administrative Guidance (AG) are also becoming clear. Each of these aspects threatens to create divergence in what was once perceived, and is still trying to be, a globally uniform and consistent set of rules.

中國的企業所得稅的法定稅率是25%，爲了扶持特定地區的經濟發展，中國在部分區域陸續推出了一系列財稅政策，例如：西部地區、前海深港現代服務業合作區（下文簡稱“深圳前海”）、珠海橫琴粵澳深度合作區（下文簡稱“珠海橫琴”）、福建平潭綜合實驗區（下文簡稱“附件平潭”）、海南自由貿易港（下文簡稱“海南自貿港”）、廣州市南沙區（下文簡稱“廣州南沙”）、上海自由貿易試驗區臨港新片區（下文簡稱“上海臨港”）、新疆困難地區，新疆喀什、霍爾果斯兩個特殊經濟開發區等區域，都推行了企業所得稅低稅率或者企業所得稅减免優惠。