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Proposed changes to Hong Kong's foreign source income exemption regime for passive income are expected to come into force on 1 January 2023 with no transition period. All kinds of offshore passive income received by a constituent entity of a multinational enterprise group shall be deemed to be sourced in Hong Kong and, therefore, subject to profits tax in certain cases.
CW CPA is a professional advisory and CPA firm offering accounting and financial reporting, audit and assurance, corporate secretarial, HR process outsourcing, tax advisory and China consulting services, with offices in Hong Kong, Shenzhen, Guangzhou and Shanghai in China, Barcelona in Spain, London in the UK, Bogotá in Colombia, Belo Horizonte and São Paulo in Brazil. CW CPA is a member of Allinial Global, an award-winning association of legally independent accounting and consulting firms whose members collaborate to bring their clients best-in-class solutions.