简介
《亚太税务期刊》 (APJT) 由香港税务学会与香港理工大学会计及金融学院共同创办。
该期刊发表与香港、中国和亚太地区税务领域重大议题有关的研究论文、评论注释、书评和文章。
APJT 旨在透过提供翔实而全面的内容，并在专业和激发思考之间取得适当平衡，为读者提供优质的服务。
APJT 通常每年出版两期。
Editorial
Joint Editors
- Jody Wong
- The Hong Kong Polytechnic University
- Percy Wong
- The Hong Kong Polytechnic University
- Philip Hung
- The Taxation Institute of Hong Kong
- Carol Liu
- The Taxation Institute of Hong Kong
- Kelvin Mak
- The Taxation Institute of Hong Kong
Editorial Consultants
- Nancy Su
- The Hong Kong Polytechnic University
- Nigel Eastaway
- MHA MacIntyre Hudson
- Michael Olesnicky
- TBC
- Charles Swenson
- University of Southern California, USA
- Daniel Thornton
- Queen's University, Canada
- Jefferson VanderWolk
- Squire Patton Boggs, USA
- Marcellus Wong
- AMTD Group
Editorial Board Members
- Brian Andrew
- University of Wollongong
- Wilson Cheng
- Ernst & Young Tax Services Limited
- Cheng Chi
- KPMG, China
- Sarah Chin
- Deloitte Touche Tohmatsu, HK
- Jeremy Choi
- PricewaterhouseCoopers, HK
- Spencer Chong
- PricewaterhouseCoopers, HK
- Wilson Chow
- The University of Hong Kong
- Daniel Ho
- Hong Kong Baptist University
- Patrick Ho
- FTMS Training System Limited
- Simon James
- University of Exeter
- Jeyapalan Kasipillai
- Monash University Malaysia
- Betty Kwok
- The Hang Seng University of Hong Kong
- Patrick Kwong
- Ernst & Young Tax Services Limited
- David Lai
- Hong Kong University of Science and Technology
- Stephen Lee
- Sinotax Services Limited
- Thomas Lee
- Thomas Lee & Partners
- Tak Yan Leung
- University of Sunshine Coast
- Poh Eng Hin
- Nanyang Technology University
- Anthony Tam
- Mazars
- Kalloe Vinod
- KPMG, Netherlands
- Jingyi Wang
- Chinese University of Hong Kong
- Fergus Wong
- PricewaterhouseCoopers, HK
- Chris Xing
- KPMG, China
- Eugene Yeung
- KPMG, China
编辑来函
Letter from the Editors
In the last quarter of 2023, there were numerous updates regarding Hong Kong tax law and practice. The notable ones included the adjustments to the demand-side management measures for residential properties that came into effect from 25 October 2023; the amendment of the stamp duty rate on stock transfers; the amendments to the tax law on aircraft leasing tax concessions; the tax law amendments that cover foreign-sourced disposal gains on assets other than shares or equity interests under Hong Kong’s foreign-sourced income exemption (“FSIE”) regime; and the tax law amendments concerning gains made by holders on the disposal of qualifying equity interests.
In the 2023 Policy Address, amongst other proposals, the Chief Executive of the HKSAR announced that the stamp duty rules would be adjusted to 1) shorten the applicable period of the special stamp duty from three years to two years; 2) reduce the respective rates of the buyer’s stamp duty and the new residential stamp duty from 15 to 7.5 per cent; and 3) introduce a stamp duty suspension arrangement (as opposed to “assess first and refund later”) for incoming talents’ acquisition of residential properties. Although these adjustments need to be implemented through the relevant legislative processes, the Chief Executive has exercised his statutory powers to give them full force and effect of law from 25 October 2023.
With the fiscal objectives to lower investors’ transaction costs, improve market sentiment, and enhance the competitiveness of Hong Kong as a world-class financial centre, the Stamp Duty (Amendment) (Stock Transfer) Bill 2023 was passed on 15 November 2023. This bill gave effect to the proposal to lower the stamp duty rate on stock transfers from 0.13 to 0.1 per cent of the consideration (or the market value if it is higher) per transaction. It came into operation on 17 November 2023.
To strengthen the competitiveness of Hong Kong in the global aircraft leasing industry, the HKSAR Government gazetted the Inland Revenue (Amendment) (Aircraft Leasing Tax Concessions) Bill 2023 on 17 November 2023. The legislative proposals contained in the bill include providing qualifying aircraft lessors with a tax deduction for the acquisition cost of aircraft and allowing a deduction of interest payable for the acquisition of aircraft to a financier outside Hong Kong who is not a financial institution and may be an associate of qualifying aircraft lessors.
The Inland Revenue (Amendment) (Taxation on Foreign-sourced Disposal Gains) Bill 2023 was passed on 29 November 2023. It refines Hong Kong’s FSIE regime by expanding the scope of assets in relation to foreign-sourced disposal gains to cover assets other than shares or equity interests. Under the refined FSIE regime, the profits tax exemption for foreign-sourced non-intellectual property (“non-IP”) disposal gains remains if the multinational enterprise entity has adequate economic substance in Hong Kong, whereas for foreign-sourced IP disposal gains, the extent of profits tax exemption continues to be determined by the nexus approach. The rules introduced under the refined FSIE regime now cover disposal gains other than equity interest disposal gains accrued on or after 1 January 2024. Because of the newly inserted “disposal gain” issue in the refined regime, the law amendment introduces an intra-group transfer, as the fourth exception to the FSIE rules, to defer the charging of tax if the property concerned is transferred between associated entities, subject to specific anti-abuse rules. Readers can obtain a detailed explanation and illustrations via the URL IRD: Foreign-sourced Income Exemption[1].
HKSAR has taken a major step forward to provide for a tax certainty enhancement scheme for onshore disposal gains. The Inland Revenue (Amendment) (Disposal Gain by Holder of Qualifying Equity Interests) Ordinance 2023 was enacted on 15 December 2023. Under the scheme, any onshore disposal gain (which occurs on or after 1 January 2024 and accrues in the basis period for a year of assessment commencing on or after 1 April 2023) derived by an eligible investor entity meeting specified conditions would be regarded as capital in nature not subject to profits tax in Hong Kong. It renders the conventional “badges of trade” analysis obsolete. Readers can gain an understanding of the scheme via the URL IRD: Onshore Gain on Disposal of Equity Interests – Tax Certainty Enhancement Scheme[2].
Having provided a cursory glance into the major legislative amendments to Hong Kong tax laws, we now summarise the messages of the authors of the articles included in the current issue of the Journal. Seven Board of Review cases are summarised in an article in the HK Technical column; apart from the technical contents of each case, the cases remind us that it is essential to observe the administrative requirements stipulated under the Inland Revenue Ordinance, Cap. 112, especially under situations such as appeals against tax assessments, whether or not the taxpayer has a reasonable excuse to breach certain provisions of the tax legislation, etc. In the same column, two articles cover contemporary tax practice in Hong Kong: One article uses various recent salaries tax case judgments concluded by courts to outline the current salaries tax landscape concerning a contentious issue (i.e., taxation of lump sum payments); the other discusses in what ways money laundering is relevant to tax professionals and how they can mitigate the risks involved.
In the PRC & International Technical column, there are three articles covering a diverse range of tax issues across major continents. The first article systematically outlines, with examples, the “substance” requirements under the tax laws in mainland China concerning income tax preferential treatments in qualified zones or designated regions. The second article covers the implementation of Pillar 2 in the context of a qualified domestic minimum top-up tax (“QDMTT”) and the GloBE Rules. The last article in the column uses three hypothetical examples to explain and illustrate the tax rules and principles of Canada concerning taxes on the basis of residence. In the Belt & Road column, there is a co-authored article reviewing the 2023 legislative changes, including new tax measures enacted, or introduced but not yet passed, in regard to New Zealand taxation.
Our heartfelt thanks go to the authors for their dedication and effort in contributing to the articles published in this volume. We are grateful to the reviewers for their valuable comments. Lastly, we wish to express our gratitude for the continuing support we receive from our readers, which is a key impetus in our ongoing efforts to streamline our work and shape the Journal. We gladly welcome any comments and critiques you may have as a reader. Letters to the editors are also very much encouraged and will be considered for publication on our website or in print.
The Joint Editors
January 2024
[1] https://www.ird.gov.hk/eng/tax/bus_fsie.htm#a03
[2] IRD: Onshore Gain on Disposal of Equity Interests – Tax Certainty Enhancement Scheme
In the last quarter of 2023, there were numerous updates regarding Hong Kong tax law and practice. The notable ones included the adjustments to the demand-side management measures for residential properties that came into effect from 25 October 2023; the amendment of the stamp duty rate on stock transfers; the amendments to the tax law on aircraft leasing tax concessions; the tax law amendments that cover foreign-sourced disposal gains on assets other than shares or equity interests under Hong Kong’s foreign-sourced income exemption (“FSIE”) regime; and the tax law amendments concerning gains made by holders on the disposal of qualifying equity interests.
In the 2023 Policy Address, amongst other proposals, the Chief Executive of the HKSAR announced that the stamp duty rules would be adjusted to 1) shorten the applicable period of the special stamp duty from three years to two years; 2) reduce the respective rates of the buyer’s stamp duty and the new residential stamp duty from 15 to 7.5 per cent; and 3) introduce a stamp duty suspension arrangement (as opposed to “assess first and refund later”) for incoming talents’ acquisition of residential properties. Although these adjustments need to be implemented through the relevant legislative processes, the Chief Executive has exercised his statutory powers to give them full force and effect of law from 25 October 2023.
With the fiscal objectives to lower investors’ transaction costs, improve market sentiment, and enhance the competitiveness of Hong Kong as a world-class financial centre, the Stamp Duty (Amendment) (Stock Transfer) Bill 2023 was passed on 15 November 2023. This bill gave effect to the proposal to lower the stamp duty rate on stock transfers from 0.13 to 0.1 per cent of the consideration (or the market value if it is higher) per transaction. It came into operation on 17 November 2023.
To strengthen the competitiveness of Hong Kong in the global aircraft leasing industry, the HKSAR Government gazetted the Inland Revenue (Amendment) (Aircraft Leasing Tax Concessions) Bill 2023 on 17 November 2023. The legislative proposals contained in the bill include providing qualifying aircraft lessors with a tax deduction for the acquisition cost of aircraft and allowing a deduction of interest payable for the acquisition of aircraft to a financier outside Hong Kong who is not a financial institution and may be an associate of qualifying aircraft lessors.
The Inland Revenue (Amendment) (Taxation on Foreign-sourced Disposal Gains) Bill 2023 was passed on 29 November 2023. It refines Hong Kong’s FSIE regime by expanding the scope of assets in relation to foreign-sourced disposal gains to cover assets other than shares or equity interests. Under the refined FSIE regime, the profits tax exemption for foreign-sourced non-intellectual property (“non-IP”) disposal gains remains if the multinational enterprise entity has adequate economic substance in Hong Kong, whereas for foreign-sourced IP disposal gains, the extent of profits tax exemption continues to be determined by the nexus approach. The rules introduced under the refined FSIE regime now cover disposal gains other than equity interest disposal gains accrued on or after 1 January 2024. Because of the newly inserted “disposal gain” issue in the refined regime, the law amendment introduces an intra-group transfer, as the fourth exception to the FSIE rules, to defer the charging of tax if the property concerned is transferred between associated entities, subject to specific anti-abuse rules. Readers can obtain a detailed explanation and illustrations via the URL IRD: Foreign-sourced Income Exemption[1].
HKSAR has taken a major step forward to provide for a tax certainty enhancement scheme for onshore disposal gains. The Inland Revenue (Amendment) (Disposal Gain by Holder of Qualifying Equity Interests) Ordinance 2023 was enacted on 15 December 2023. Under the scheme, any onshore disposal gain (which occurs on or after 1 January 2024 and accrues in the basis period for a year of assessment commencing on or after 1 April 2023) derived by an eligible investor entity meeting specified conditions would be regarded as capital in nature not subject to profits tax in Hong Kong. It renders the conventional “badges of trade” analysis obsolete. Readers can gain an understanding of the scheme via the URL IRD: Onshore Gain on Disposal of Equity Interests – Tax Certainty Enhancement Scheme[2].
Having provided a cursory glance into the major legislative amendments to Hong Kong tax laws, we now summarise the messages of the authors of the articles included in the current issue of the Journal. Seven Board of Review cases are summarised in an article in the HK Technical column; apart from the technical contents of each case, the cases remind us that it is essential to observe the administrative requirements stipulated under the Inland Revenue Ordinance, Cap. 112, especially under situations such as appeals against tax assessments, whether or not the taxpayer has a reasonable excuse to breach certain provisions of the tax legislation, etc. In the same column, two articles cover contemporary tax practice in Hong Kong: One article uses various recent salaries tax case judgments concluded by courts to outline the current salaries tax landscape concerning a contentious issue (i.e., taxation of lump sum payments); the other discusses in what ways money laundering is relevant to tax professionals and how they can mitigate the risks involved.
In the PRC & International Technical column, there are three articles covering a diverse range of tax issues across major continents. The first article systematically outlines, with examples, the “substance” requirements under the tax laws in mainland China concerning income tax preferential treatments in qualified zones or designated regions. The second article covers the implementation of Pillar 2 in the context of a qualified domestic minimum top-up tax (“QDMTT”) and the GloBE Rules. The last article in the column uses three hypothetical examples to explain and illustrate the tax rules and principles of Canada concerning taxes on the basis of residence. In the Belt & Road column, there is a co-authored article reviewing the 2023 legislative changes, including new tax measures enacted, or introduced but not yet passed, in regard to New Zealand taxation.
Our heartfelt thanks go to the authors for their dedication and effort in contributing to the articles published in this volume. We are grateful to the reviewers for their valuable comments. Lastly, we wish to express our gratitude for the continuing support we receive from our readers, which is a key impetus in our ongoing efforts to streamline our work and shape the Journal. We gladly welcome any comments and critiques you may have as a reader. Letters to the editors are also very much encouraged and will be considered for publication on our website or in print.
The Joint Editors
January 2024
[1] https://www.ird.gov.hk/eng/tax/bus_fsie.htm#a03
[2] IRD: Onshore Gain on Disposal of Equity Interests – Tax Certainty Enhancement Scheme