Hong Kong announces 2024-25 budget with new tax measures

March 02, 2024

On 28 February 2024, the Financial Secretary of Hong Kong presented the 2024-25 Budget. The Budget includes various tax measures, including: A proposal for a one-off reduction of profits tax, salaries tax, and tax under personal assessment for

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Hong Kong revises eligible debt instruments for profits tax concessions

February 07, 2024

On 6 February 2024, the Hong Kong Inland Revenue Department (IRD) released the updated lists of Qualifying Debt Instruments (QDIs) at the end of 31 December 2023. The lists include: Qualifying Debt Instruments issued before 1 April 2018

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Hong Kong offers tax deductions for mobile network operators on spectrum utilization fees

January 20, 2024

On 19 January 2024, the Hong Kong Inland Revenue Department declared the Inland Revenue (Amendment) (Tax Deductions for Spectrum Utilization Fees) Ordinance 2024. This ruling has been published in the Official Gazette and introduces tax deductions

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Hong Kong starts public discussion on adopting pillar 2 GloBe rules

December 22, 2023

On 21 December 2023, the Hong Kong Inland Revenue Department declared the launch of a public consultation on the implementation of global minimum tax under Pillar Two of the international tax reform proposals drawn up by the Organisation for

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Hong Kong updates guidance on FSIE regime

December 18, 2023

The Hong Kong Inland Revenue Department updated the guidance on the new Foreign-Sourced Income Exemption (FSIE) regime. The updated guidance is a continuation of previously published draft updates initially released when the Bill was

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Hong Kong approves bills to amend asset disposal gain regimes

December 11, 2023

The Hong Kong Inland Revenue Department passed bills to amend further Hong Kong's refined foreign-sourced income exemption (FSIE) regime, including asset disposal gains and introducing safe harbor rules for onshore equity disposal gains. This

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Hong Kong passes bill for amending the foreign-sourced income exemption regime

December 04, 2023

On 29 November 2023, the Legislative Council of Hong Kong announced the passage of the Inland Revenue (Amendment) (Taxation on Foreign-sourced Disposal Gains) Bill 2023. The Bill refines Hong Kong's foreign-sourced income exemption (FSIE) regime

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Hong Kong: IRD issues circular letter extending due date for M code returns

October 30, 2023

On 25 October 2023, the Inland Revenue Department (IRD) published a Circular Letter announcing an extension of the deadline for “M” code profit tax returns. The extension is granted for recognizing the genuine difficulties being experienced by

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Hong Kong and Bangladesh enter into tax pact

September 05, 2023

On 30 August 2023, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, on behalf of the Hong Kong Special Administrative Region Government signed a comprehensive avoidance of double taxation agreement (CDTA) with Bangladesh.

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Hong Kong: IRD issues circular letter extending due date for D code returns

July 07, 2023

On 29 June 2023, the Inland Revenue Department (IRD) published a Circular Letter announcing an extension of the deadline for “D” code profit tax returns. In the letter, IRD explains that given the real difficulties faced by businesses and

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Hong Kong: IRD revises application forms for certificate of resident status

June 08, 2023

On 8 June 2023, the Inland Revenue Department (IRD) issued an announcement, stating that it has revisited its approach to issuing the Hong Kong certificate of resident status. The Department has revisited its approach to the issuance of

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IMF Report Looks at the Economy of Hong Kong SAR

May 06, 2023

On 4 May 2023 the IMF published a report following discussions with Hong Kong SAR, China under Article IV of the IMF’s articles of agreement. The economy of the Hong Kong SAR economy has been recovering following the problems caused by the

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Hong Kong: IRD issues circular letter extending due date for N code returns

April 20, 2023

On 14 April 2023, the Inland Revenue Department (IRD) of Hong Kong issued a Circular Letter providing an extension of due date for N code returns. Recognising the genuine difficulties being experienced by businesses and practitioners in their

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Hong Kong: IRD issues profits tax, property tax and employer’s returns for 2022-23

April 04, 2023

On 3 April 2023, the Inland Revenue Department issued about 220 000 profits tax returns, 120 000 property tax returns and 310 000 employer's returns for the year of assessment 2022-23. About 2.4 million of tax returns for individuals will be issued

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Hong Kong: Block extension scheme for lodgement of 2022/23 tax returns

March 10, 2023

On 4 March 2022, the Inland Revenue Department (IRD) of Hong Kong has issued a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2022/23 Tax Returns. The circular letter is to advise the taxpayers of the return

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Hong Kong deposits BEPS MLI ratification instrument

March 05, 2023

On 21 February 2023, Hong Kong has deposited its instrument of approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention). Pursuant to Article 35(7)(b) of the

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Hong Kong: Tax measures proposed in 2023-24 Budget

February 24, 2023

On 22 February 2023, the Financial Secretary delivered the budget speech for 2023-24 proposing the following tax measures. The Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of

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Hong Kong: IRD publishes updated guidance on foreign-sourced income exemption regime

January 13, 2023

On 23 December 2022, the Inland Revenue Department of Hong Kong has published updated guidance on the new Foreign-Sourced Income Exemption (FSIE) regime in the Official Gazette. The FSIE which is introduced by the Inland Revenue (Amendment)

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