TIHK News

Introduction:

In response to changes in the international tax environment, the Hong Kong government has introduced and improved many tax-related policies in recent years to enhance Hong Kong’s competitiveness and attract more investments to Hong Kong.  Join us for this exclusive seminar where experts from Ernst & Young Tax Services Limited will take a deep dive into details of the application for a Hong Kong tax residency certificate status and share the latest developments in transfer pricing in Hong Kong and the Mainland. Additionally, we will cover the OECD’s BEPS Pillar One Amount B on baseline distribution activities and implications for companies, encompassing envisaged country implementation, immediate implications to companies, and potential impact on controversy.

Seminar details:

Programme Code: 20241106

Date: 06 November 2024 (Wednesday)

Time: 6:30 pm – 8:00 pm

Speakers:

Ms. Ada Ma, Partner, Business Tax Services, EY

Ms. Monica Leung, Transfer Pricing Director, EY

Mr. Kenny Wei, Transfer Pricing Partner, EY

Language: Cantonese

Venue: TIHK Office, 21/F, Kam Sang Building, 255-257 Des Voeux Road Central, Hong Kong

CPD Hours: 1.5

Seat: 100

Click here to register

The Institute is going to hold an Extraordinary General Meeting (EGM) on Thursday, 10 October 2024 at TIHK Office, 21/F, Kam Sang Building, 255-257 Des Voeux Road, Central, Hong Kong. Details of the meeting are as follows:

Members who would like to attend the EGM, please complete the registration form at https://forms.office.com/r/aNDPr50VMN.

The Institute has established a number of committees, under the purview of the Council, to look after different matters. You are now invited to put forward your nomination. Please consider volunteering your time and services to those committees that best match your interests and skills.

Download the nomination form:

All nomination forms must reach the Secretariat either by fax at 2523 1263 or by email at [email protected] on or before 10 October 2024 (Thursday).  Members’ nomination will then be considered by the respective Committee and Taskforce.  The Secretariat may contact you to join the Committee(s) and Taskforce(s) which you are interested to serve.  However, seats for each Committee are limited.  If all available seats are taken up, the Secretariat will keep your information in the database and contact you when a vacancy arises during the course of the year.

Should you require any additional information, or have any enquiries regarding the nomination, please contact the Secretariat by telephone at 2810 0438 or email [email protected].  We look forward to receiving your nomination.

The Institute is pleased to announce the new President, Vice-Presidents, Honorary Treasurer and Honorary Secretary of the Institute for the 2024/25 have been elected at the first Council Meeting 2024/25 which was held immediately after the 52nd Annual General Meeting on 9 September 2024.

The Institute would like to take this opportunity to thank those retired Council Members for their valuable services and contribution to the development of the Institute in the past year, and congratulate the President, Vice-Presidents and the Honorary Officers for being elected/re-elected.

The Institute also counts on your continued support for its future development.

Please be informed the Secretariat Office will be early closed at 4:30 pm for the 52nd Annual General Meeting.

Hong Kong currently offers research and development (R&D) tax incentives to businesses as a means to promote innovation and technological advancement. In addition this, Hong Kong has recently proposed to introduce a patent box regime, to encourage businesses to conduct more R&D and intellectual property (IP) trading activities in Hong Kong. This regime will provide tax concessions for profits derived from eligible IP assets through R&D activities in Hong Kong. The Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Ordinance 2024 was gazetted on 5 July 2024.

While the patent box regime presents opportunities for companies to enhance their R&D set up and IP presence in Hong Kong, it would also be a good time for companies to reassess their structures and strategy for utilising the tax regime and re-evaluating other tax and commercial considerations and options.

In this seminar, the speakers will discuss:

1. Give a brief background on the development of the IP and R&D tax regimes in Hong Kong
2. Discuss the details of the patent box tax regime
3. Discuss the details of the enhanced tax deduction on R&D expenditures
4. Discuss the details of the DLRI application and some popular R&D funding schemes in Hong Kong

Programme Code: 20240923

Date: 23 September 2024 (Monday)

Time: 6:30 pm – 7:30 pm

Speakers:

Mr. Desmond Wong, Partner, Tax Services, PwC Hong Kong

Ms Cecelia Chong, Senior Manager, Tax Services, PwC Hong Kong

Ms Dorothy Lee, Partner, Operations Excellence Solutions, PwC Hong Kong

Language: Cantonese

Venue: PwC Executive Conference Centre, 21/F Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong

CPD Hours: 1

Seat: 75

Click here to register

This seminar will focus on the latest Hong Kong court cases that dealt with cryptocurrencies and intangible assets. These new case laws shed light on the nature of cryptocurrencies as well as other intangible assets as are defined by the Courts, and bear tax implications when proper tax treatment in connection with such assets is concerned.

In this seminar, the speaker will provide an overview of the latest cases as well as international rules (including rules in the OECD and UK/US authorities) relating to determination of the nature and categorisation of cryptocurrencies and intangible assets, and will discuss the tax implications of these new types of assets in light of these new case laws and rules.

Programme Code: 20240911

Date: 11 September 2024 (Wednesday)

Time: 7:00 pm – 8:30 pm

Speakers: Mr Philip Kwok, Partner, Jun He Law Offices

Language: Cantonese

Venue: TIHK Office, 21/F, Kam Sang Building, 255-257 Des Voeux Road Central, Hong Kong

CPD Hours: 1.5

Seat: 100

Click here to register

Just as in the previous year, there have been significant changes to the domestic tax law of Hong Kong over the past year. The further refined foreign-sourced income exemption (FSIE) regime was assessed by the European Union (EU) as not harmful, which culminated in the removal of Hong Kong from the EU’s watchlist.

Earlier this year, the Hong Kong SAR Government (the Government) also conducted a public consultation to gather views on the implementation details of the global minimum tax and the domestic minimum top-up tax in Hong Kong.

In addition, the Government has introduced several tax incentives with the aim of further enhancing Hong Kong’s tax attractiveness. Several tax incentives or proposals to enhance the existing tax regime are also in the pipeline.

Join the upcoming Hong Kong Tax Update seminar to stay informed about these latest developments. The speakers will provide an overview of the aforementioned developments, equipping you with the knowledge you need to navigate the changes.

Content outline

• Refined FSIE regime
• Recently introduced / proposed tax incentives and legislative changes
• Court of Appeal decision in John Wiley case
• BEPS 2.0 Pillar Two new developments and Hong Kong’s response

Programme Code: 20240904

Date: 04 September 2024 (Wednesday)

Time: 7:00 pm – 8:30 pm

Speakers:

Ms Kathy Kun, Director, National Tax Policy Services, PwC

Mr Tommy Hui, Senior Manager, Tax Services, PwC

Language: Cantonese

Venue: Rm 201, 2/F, 15 Hennessy Road, Duke of Windsor Social Service Building, Wanchai, Hong Kong

CPD Hours: 1.5

Seat: 90

Click here to register

1. The 52^nd AGM

The Institute is going to hold the 52^nd AGM on Monday, 9th of September 2024 at 5:30 p.m. at The Chinese Club (華商會所), 14th Floor, 21-22 Connaught Road Central, Hong Kong.

Notice of the 52nd AGM :

Members are strongly advised to register for attending the AGM so as to facilitate the Institute’s arrangement.  For online registration, please visit : https://forms.office.com/r/DB2x97nwJu

To facilitate those members who are unable to attend the meeting personally, the Institute will broadcast the AGM via Zoom (details provided via email to Members only).  Please note that members who are watching the live streaming will NOT be counted as quorum, and will NOT vote.

2. Dinner Gathering after the 52nd AGM

The Institute will hold a small-scale dinner gathering after the 52^nd AGM at the same venue. Seats are limited, to enrol the Dinner Gathering after the AGM, please visit:  https://www.tihk.org.hk/event/52agm-dinner-1/ ‎

The Institute reserves the right to reschedule or cancel the dinner gathering due to unforeseeable circumstances.

Should you have any enquiry regarding the above, please contact TIHK Secretariat at +852 2810 0438 or email to [email protected].

The Inland Revenue Department’s (IRD) practice in administering tax exemption for charities is evolving. It is important for existing and prospective charities to understand the requirements to qualify for and maintain their tax exempt status.  However, many tax-exempt charities are not aware that, for example, the exemption does not mean that all their income are automatically exempt from tax, and does not mean all obligations under the Inland Revenue Ordinance are waived. As a result, many charities may overlook certain reporting or withholding obligations. Meanwhile, the IRD is stepping up its efforts in reviewing charities’ tax exempt status. Different types of charities and different types of issues are coming under the spotlight in turn. Charities that no longer meet the public benefit requirement may lose their tax-exempt status.

Against the above background, tax-exempt charities should stay alert to the IRD’s latest practices.

In this seminar, the speakers will cover:

• IRD’s latest focus of challenges on charities ·
• Charities’ common tax pitfalls  ·
• Practical solutions for common charity-related tax issues·
• Other new developments·
• Sharing of real cases

Programme Code:20240820

Date:20 August 2024 (Tuesday)

Time: 6:30 pm – 8:00 pm

Speakers:

Mr Philip Hung, Director, Tax Controversy Services, PwC Hong Kong

Mr Felix Tsang, Associate Director, Tax Controversy Services, PwC Hong Kong

Ms Chloris Lo, Senior Consultant, Tax Controversy Services, PwC Hong Kong

Language:Cantonese

Venue: ET 2101-2, 21/F, Edinburgh Tower The Landmark 15 Queen’s Road Central, Central Hong Kong

CPD Hours: 1.5

Seat: 75

Click here to register