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20230912 Hong Kong Tax Update 2023
There have been lots of changes to the domestic tax law of Hong Kong over the past year, including most notably the refinements made to Hong Kong’s long-established foreign-sourced income exemption (FSIE) regime. However, it is expected that the FSIE regime will be further refined around the taxation of disposal gains later this year to align with the latest requirements of the European Union.
Apart from legislative changes triggered by the evolving international tax rules, the Hong Kong SAR Government has in recent years introduced various tax incentives to enhance the tax attractiveness of Hong Kong. Earlier this year, a tax concession regime for family-owned investment holding vehicles managed by single family offices was introduced in a bid to develop Hong Kong as a leading hub for family offices.
The Government has also proposed several tax initiatives that aim to further consolidate Hong Kong’s position as a regional business and investment centre. These proposed initiatives include the introduction of an enhancement scheme to provide upfront certainty of non-taxation of onshore equity disposal gains that satisfy the specified criteria and the establishment of a mechanism to allow foreign companies to re-domicile to Hong Kong.
The speakers will provide an overview of the above developments. They will also examine some of the most common issues faced by companies under the current tax environment through practical case sharing.
- Recap of the refined FSIE regime
- Highlights of the latest consultation papers on onshore equity disposal gains, further refinements to the FSIE regime and re-domiciliation regime
- Recap of the family office tax concession regime in Hong Kong
- Updates on the Inland Revenue Department’s adjusted approach in issuing Certificate of Resident Status
- Practical case sharing