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e20230918 Update: Hong Kong Inland Revenue Department’s New Stance on Issuing Hong Kong Resident Certificate and The New Corporate Redomiciliation Regime

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Programme Code:
e20230918
Date:
20 九月 2024 (Friday)
Speakers:

Ms Jenny Choi, Partner, Entity Compliance & Governance – Law, EY

Ms Ada Ma, Partner, Business Tax Services, EY

Ms Carol Liu, Partner, Tax and Business Advisory Services, EY

Language:
Cantonese
Venue:
e-seminar
Proficiency Level:
Intermediate Level
Fee:
$150
CPD Hours:
1.5
Seat:
100
Event Categories:
,
Free Preview:
https://youtu.be/ErOqayLhLHk

Description

Please be reminded that this is an e-seminar which can be accessed anytime to obtain the CPD hours.

As we enter into the third quarter of 2023, EY tax professionals are delighted to provide sharing on the major tax and legal developments in recent months, topics include:

1) New administrative practice on Hong Kong certificates of resident – Insights from Mainland China and Hong Kong tax perspectives

On 8 June 2023, the Hong Kong Inland Revenue Department (“IRD”) announced on its website that it will now issue certificates of “resident of Hong Kong” based on the plain definition of the term as defined in a comprehensive avoidance of double taxation arrangement.

In this webinar, the speakers will cover details of the new administrative practice and share insights on the new arrangement from both mainland China and Hong Kong tax perspectives.

2) Proposed company re-domiciliation regime in Hong Kong

In the 2023/24 Budget, the Financial Secretary announced to introduce a company re-domiciliation regime to facilitate non-Hong Kong companies to re-domicile to Hong Kong, subsequent to the launch of re-domiciliation mechanisms for open-ended fund companies and limited partnership funds in 2021. A public consultation was conducted in March to May 2023 to collect stakeholders’ comments on the key features of the proposed regime. Under the proposed regime, re-domiciled company would have the same rights and obligations as any other Hong Kong incorporated company.

In this webinar, the speakers will introduce background and details of the proposed re-domiciliation regime for non-Hong Kong companies to re-domicile to Hong Kong, explore key issues to be considered in re-domiciling in Hong Kong, and discuss the potential tax implications associated with the proposed re-domiciliation regime.

No CPD hours will be granted if you have already attended the live webinar on 18 September 2023.

Speaker Profile

Jenny is a Chartered Secretary and a Chartered Governance Professional who has extensive experience in the corporate secretarial, corporate governance and investor services field. As a founder of the corporate secretarial practice of EY Hong Kong, she has been leading the team in its strategic development and overseeing its daily management. Her expertise extends from corporate governance advisory, regulatory compliance, corporate restructuring to Initial Public Offering and share registration. Her clientele covers a wide range of business entities including publicly listed companies, multinational corporations, private companies and offshore companies. She has been contributing to the development of the profession by playing different instrumental roles in the professional body and tertiary institutions including but not limited to speaking at seminars and providing lectures on corporate governance matters.

Ada has over 15 years of experience in providing tax advisory services to local and multinational clients in Hong Kong. She has extensive experience in principal and global structuring planning, business reorganization, pre- and post-acquisition IP ownership and supply chain strategies, all the way down to reporting and compliance. Ada also assists companies with business discussion, both at the C-suite and tax leadership level, to develop the right strategy across the co-sourcing continuum. Based on a company’s unique drivers, she helps to develop a tax operating model strategy that leverages a best-in-class and best-in-cost approach which is needed to navigate challenges they face.

Ada is also leading the global incentive and location study team in the Greater China Region. She assists clients in site selection and identifying business incentives to help select optimal locations, secure and realize maximum savings for both tax and non-tax incentives, and create operational efficiencies that reduce project costs associated with employment growth and capital expenditures.

Carol is a Tax Partner of Ernst & Young and has extensive tax experience working in China Mainland, Hong Kong and the UK for more than 23 years. She was based in London as China Tax Desk Leader of EMEIA market for a few years. Carol focuses on China and international tax advisory and compliance for multi-national companies and China domestic enterprises for both outbound and inbound projects, leading tax strategy planning and implementation for restructuring and tax efficient arrangements for cross-border transactions, and familiar with the local regulations and practices of different locations in China from tax and business perspectives, including establishing effective structures and operations in China.