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New Legislation in respect of Tax Deductions for Intellectual Property Rights — Its Provisions and Controversies

To promote the wider application of intellectual property by enterprises and the development of creative industries in Hong Kong, the Financial Secretary proposed in his 2010/11 budget speech to grant tax deductions for capital expenditure incurred in the purchase of registered trademarks, copyrights, and registered designs (hereinafter referred to as “relevant intellectual property rights” or “relevant IPRs”). The Inland Revenue (Amendment) (No. 3) Ordinance 2011 (“the new legislation”) implementing the proposal was enacted in December 2011.