News

Hong Kong, 21 March 2019 The Council of the European Union adopted a revised EU list of non-cooperative jurisdictions for tax purposes on 12 March 2019. The list was initially set up in December 2017 to promote good governance in taxation worldwide with an aim to contribute to efforts on prevention of tax avoidance and […]

Hong Kong, 31 October 2018 The base erosion and profit shifting (“BEPS”) and transfer pricing (“TP”) Bill, namely the Inland Revenue (Amendment) (No.6) Bill 2017 (the “Bill”), was passed by the Legislative Council on 4 July 2018 and came into force on 13 July 2018. The Bill amends the Inland Revenue Ordinance (Cap. 112) (“IRO”) […]

Hong Kong, 12 May 2018 The Inland Revenue (Amendment) (No. 7) Bill 2017 (the “Amendment Bill”) was gazetted on 29 December 2017 to introduce the two-tiered profits tax rates regime announced in the 2017 Policy Address.  This two-tiered profits tax rates regime was introduced by the Hong Kong government with an aim to maintain a […]

Hong Kong, 26 February 2018 As a member of The Financial Action Task Force (“FATF”) (www.fatf-gafi.org) Hong Kong is required to meet its obligations under the FATF’s Recommendations for combating money laundering and terrorist financing. The Companies Ordinance (Cap. 622) (“CO”) in order to meet Hong Kong’s obligations in providing for transparency in the beneficial […]

Hong Kong, 12 October 2017 Financial Services and the Treasury Bureau will soon implement the two specific tax measures put forward in the Election Manifesto presented by Carrie Lam, the Chief Executive in Hong Kong. On the two‑tier profits tax system, the profits tax rate for the first $2 million of profits of enterprises will […]

Hong Kong, 31 July 2017 Subsequent to the conclusion of a bilateral Competent Authority Agreement between Italy and Hong Kong for conducting AEOI on January 24, 2017 and the gazette of the Inland Revenue (Amendment) (No. 2) Ordinance 2017 (Amendment Ordinance) on 16 June 2017,  the automatic exchange of financial account information in tax matters […]

Hong Kong, 21 June 2017 The Inland Revenue Ordinance (“IRO”) currently does not contain any provisions that deal specifically with E-commerce.  As such, the principles laid down by the profits tax provisions of the IRO and the common law apply. To provide more clarity on the taxation of e-commerce business, the IRD issued the Departmental […]

Hong Kong, 6 April 2017 Further to the announcement by the Hong Kong government on March 17, 2017 regarding the conclusion of an agreement with Italy for conducting automatic exchange of financial account information in tax matters (“AEOI”), it has been published the Competent Authorities Agreement (“CAA”) signed which details the financial account information to be […]

Hong Kong, 22 March 2017 Hong Kong signed an agreement with six more jurisdictions, namely Belgium, Canada, Guernsey, Italy, Mexico and the Netherlands for conducting automatic exchange of financial account information in tax matters (“AEOI”).  This news was announced by the Hong Kong government on March 17, 2017. Hong Kong has so far signed an agreement […]

8 March 2017 Starting from January 1st, 2017, eligible non-Italian residents will benefit from a favorable new regime for individual income tax purposes. This measure adds to the choice available in other EU and non-EU jurisdictions to individuals without a fixed domicile (e.g. the ‘res-non-dom’ system in the UK/Ireland/Malta, the Swiss ‘forfeit’ rules, the Spanish […]