Duty-Free Measures with Mainland China Extend to Cover All Ports The Hong Kong central government’s policy to raise its duty-free allowance has now expanded to include all entry ports. Previously, it was for Mainland residents who wanted to come to Hong Kong. Mainland visitors have well received the new measures as they enhanced their shopping…
Hong Kong to Be More Favorable for Family Businesses With the Family Office Tax Exemption The Hong Kong Legislative Council has passed the Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022. The bill amends the Inland Revenue Ordinance to offer tax benefits for eligible family-owned investment holding vehicles (FIHVs) in Hong…
Hong Kong Introduces New Taxation Bill to Combat Cross-Border Tax Avoidance Hong Kong’s new taxation bill will better address cross-border tax avoidance issues stemming from double non-taxation. The new bill comes into effect on 1 January 2023. Hong Kong promised the European Union in 2021 that it would amend its tax law, hence the introduction…
Hong Kong’s Legislative Council Endorses Tax Concessions The Legislative Council (LegCo) in Hong Kong has approved the proposed tax concessions that were in the 2022-23 Budget. This is a move that is welcomed by the Government because of the benefits that will ensue. Among these benefits include a reduction in personal tax assessment, salary tax,…
Consensus Focuses on the International Tax Reform Framework’s Key Principles Hong Kong welcomes the consensus on tax reform reached by the international community. The consensus focus on the international tax reform framework’s key principles. The reform was announced on 1 July by the Organisation for Economic Co-operation & Development. They identified it as the international…
Innovative Technology Can Boost Both R&D Institutions and Enterprises The fourth industrial revolution was said to be the catalyst for organisations to take up innovation and technology (I&T). Organisations of every size, especially enterprises are encouraged to take up relevant research and development (R&D) to increase their respective uses of I&T. Some countries may have…
Hong Kong Expands Tax Treaty Network With Georgia Hong Kong is widely known for its low tax regime and makes an intentional effort to keep things that way. Thus, it is logical that when Hong Kong opens its trade to other nations, low tax is what keeps overseas companies staying put in the special administrative…
Hong Kong and Serbia Came Together to Sign Double Taxation Avoidance Pact The Secretary for Financial Services and the Treasury of Hong Kong has signed a comprehensive avoidance of double taxation agreement (CDTA) with Serbia on behalf of the Hong Kong Special Administrative Region Government. The avoidance of double taxation agreement signifies the Government’s efforts…
New Amendments Will Affect the Allotment and Redemption of Shares Hong Kong’s Stamp Duty Ordinance comes into effect on 1 August 2020. It is an Amendment of Schedule 8 Regulation 2020. With the changes, stamp duty will be exempted on the purchase and sale of stocks in Hong Kong. This applies to stock that involves…
The Legislative Council in Hong Kong Releases New Bill to Reduce Profits Tax The government of Hong Kong passed the Inland Revenue (Amendment) (Profits Tax Concessions for Insurance-related Businesses) Bill 2019 previously on the 15th of July 2020. The Legislative Council approved bill would introduce interesting tax rates for eligible profits derived from the various…