Hong Kong gazettes tax treaty with Armenia, Bahrain, Bangladesh, Croatia, Turkey
Hong Kong’s Chief Executive in Council issued an Order to implement tax treaties with Armenia, Bahrain, Bangladesh, Croatia, and Turkey on 23 October 2024. The Order for signing tax treaties with Armenia, Bahrain, Bangladesh, Croatia, and
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Hong Kong issues tax treaty orders with Armenia, Bahrain, Bangladesh, Croatia, and Turkey
The Hong Kong Inland Revenue has announced that the Chief Executive in Council has issued five orders to ratify upcoming tax treaties with Armenia, Bahrain, Bangladesh, Croatia, and Turkey on 23 October 2024. The Orders will be gazetted today, 25
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Hong Kong lowers interest rate on tax reserve certificates
The Inland Revenue Department of Hong Kong announced, on 4 October 2024, that starting from 7 October 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.8000% against the current rate of 0.8833%, i.e. the new rate
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Hong Kong: BRITACOF tax forum unveils plan to boost cooperation among tax authorities
Hong Kong’s Inland Revenue Department hosted the 5th Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF) from September 24 to 26, 2024. This three-day annual mega event in the international tax community attracted about 500
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Turkey, Hong Kong sign income tax treaty
Turkey's Revenue Administration announced that Turkey and Hong Kong have signed an income tax treaty on 24 September 2024. The agreement was signed by Bekir Bayrakdar, Director, Revenue Administration, on behalf of Turkey and Christopher Hui,
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Hong Kong: Central Bank lowers interest rate by 0.5%
The Hong Kong Monetary Authority (HKMA) announced that it has reduced its base interest rate by 0.5% to 5.25% with immediate effect yesterday, 19 September 2024. This adjustment aligns with a recent decision by the US Federal Reserve, which
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OECD reports advances on harmful tax practices in Armenia, Bulgaria, Croatia, Eswatini, and Hong Kong
The OECD released an announcement on 27 August 2024 highlighting that jurisdictions have made further progress in addressing harmful tax practices through the implementation of the international standard under BEPS Action 5. This is evidenced by
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Macau authorises AEOI signing with Hong Kong
Macau authorised the signing of an agreement with Hong Kong for the automatic exchange of tax information on financial accounts (AEOI). The order – Chief Executive Order No. 45/2024 – in the Official Gazette on Monday, 26 August 2024. The
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Hong Kong updates lists of qualifying debt instruments
The Hong Kong Inland Revenue Department (IRD) has released updated lists of Qualifying Debt Instruments (QDIs) as of 30 June 2024. Qualifying Debt Instruments issued before 1 April 2018 Short Term/ Medium Term Debt Instruments Eligible for
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Hong Kong extends deadline for 2023-24 tax returns
The Hong Kong Inland Revenue Department (IRD) released a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2023/24 Tax Returns, on 25 July 2024, extending the deadline for 2023-24 tax returns. Recognising the
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Hong Kong publishes FAQ on foreign debt interest income
The Hong Kong Inland Revenue Department (IRD) has published a frequently asked question (FAQ) regarding the tax treatment of Interest Income from Foreign Debt Instruments. Is the interest income derived by a fund, family-owned investment holding
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Hong Kong issues guidance on foreign income exemption regime
Hong Kong’s Inland Revenue Department (IRD) issued guidance on various facets of the foreign-sourced income exemption (FSIE) regime, on 5 July 2024, clarifying definitions for covered income, economic substance requirements, and participation
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Hong Kong gazettes patent box regime
The Hong Kong Inland Revenue Department (IRD) announced the issuance of the Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Ordinance 2024 in the Official Gazette on 5 July, 2024. One of the main aspects of the
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Hong Kong approves patent box tax concession
The Hong Kong SAR (HKSAR) Legislative Council passed the draft legislation (Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Bill 2024) on the patent box tax incentive regime on 26 June, 2024. The draft bill proposes
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Hong Kong, Armenia sign tax treaty
The Hong Kong Inland Revenue Department announced that it had signed a comprehensive avoidance of double taxation agreement (CDTA) with Armenia on Monday, 24 June 2024. Tam Tai-pang, Commissioner of Inland Revenue, signed the CDTA on behalf of
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Armenia, Hong Kong to sign tax treaty
On 14 June 2024, Armenia’s government announced it approved plans to sign an income tax treaty with Hong Kong. If signed, this tax treaty will be the first between the two nations. The treaty aims to eliminate double taxation of income and prevent
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Hong Kong reminds property owners of tax obligations
The Hong Kong Inland Revenue Department has released a notice detailing the property tax obligations for properties entirely, jointly, or co-owned by individuals; and properties owned by corporations or other entities. Property tax is charged on
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Hong Kong cuts tax reserve certificate interest rate
The Hong Kong Inland Revenue Department, on Friday, 31 May, 2024, announced a change in the rate of interest payable on Tax Reserve Certificates in a legal notice published in the Government Gazette. The notice includes a reduction in the annual
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