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Hong Kong’s Foreign-Sourced Income Exemption Regime: New Draft Legislation Expands Scope to Include Asset Disposal Gains

On 13 October 2023, the Inland Revenue (Amendment) (Taxation on Foreign-sourced Disposal Gains) Bill 2023 was gazetted to further refine the foreign-sourced income exemption (“FSIE”) regime, expanding the scope of disposal gains to include gains derived from the disposal of all kinds of assets, including movable and immovable property. Subject to the approval by the Legislative Council, the refined FSIE regime is expected to come into force on 1 January 2024.

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Hong Kong Introduces Bill on Tax Certainty Enhancement Scheme for Onshore Equity Disposal Gains

On 20 October 2023, the Inland Revenue (Amendment) (Disposal Gain by Holder of Qualifying Equity Interests) Bill 2023 (“Bill”) was published. It was introduced in Hong Kong’s Legislative Council on 1 November. The Bill introduces a tax certainty enhancement scheme for onshore equity disposal gains. This article below will delve into the key features of the new tax certainty enhancement scheme as detailed in the Bill.  

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Regulatory Updates

Dong Business in China

Our China Guides comprise a series of informative articles that provide insights on efficiently handling the compliance responsibilities and administrative formalities associated with establishing and scaling up your business in Mainland China.

Dong Business in Hong Kong

Are you looking to setting up a company in Hong Kong? Checkout our a series of comprehensive guides on how to set up and operate a business in Hong Kong.

Expanding your business into

Greater Bay Area

The Greater Bay Area (GBA) of China presents vast opportunities for businesses seeking to expand their operations in the region. The GBA comprises nine cities in Guangdong Province, Hong Kong, and Macau, with a combined population of over 70 million and a GDP of approximately USD 1.6 trillion. It is a critical part of China’s economic development strategy, aimed at creating a world-class metropolis and driving economic growth in the region.

We have a series of informative articles that delve into the various business opportunities available in the GBA. These articles cover a wide range of industries, including finance, technology, logistics, and tourism, among others. We provide insights on the GBA’s market potential, investment incentives, regulatory environment, and emerging trends that businesses can capitalize on.

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Finance and Taxation

Market Entry, Industry Updates and More...

bird's-eye view photography of city buildings

Hong Kong budget for Fiscal Year 2024-25

The Hong Kong 2024-25 Budget, announced by Financial Secretary Paul Chan Mo-po, focuses on economic recovery and high-quality development in the post-epidemic era, emphasizing confidence and opportunity. Despite projected fiscal deficits, the budget highlights include tax reductions, support for SMEs, and initiatives in green finance, digital economy, and innovation and technology. It aims to stimulate the property market, enhance financial services, and bolster Hong Kong’s role as an international financial hub and innovation center. The strategy encompasses removing property cooling measures, investing in technology infrastructure, and promoting green and sustainable finance, reflecting a holistic approach to navigating global challenges and seizing future growth opportunities.