Despite the recent enactment of the revised foreign-sourced income exemption (“FSIE”) regime, Hong Kong remains on the EU grey list of non-cooperative jurisdictions for tax purposes. Hong Kong is required to make further legislative amendments with regard to the treatment of foreign-sourced capital gains by the end of 2023 for implementation with effect from January 2024 in order to be taken off from the EU’s tax watchlist. The Hong Kong government is going to propose an initiative to enhance tax certainty for onshore gains on disposal of shares/equity interest. A two-month trade consultation will soon be commenced to consult the community’s view on this initiative.
Meanwhile, the Hong Kong government has recently published the 2023/24 Budget and introduce tax and other various measures to support household and business in Hong Kong. Please find attached an overview of the subsidies, waivers and tax measures that will be available to various household and business sectors.
Should you be interested in knowing more about the new measures and the impacts on your tax position, please feel free to contact us.
For more information please contact:
Marzio Morgante
Chartered Accountant, LL.M.
Managing Partner
Email: marzio@atatax.hk
Tel: (852) 3102 1995
Kei Lam
Senior Tax Manager
Email: kei.lam@atatax.hk
Tel: (852) 3102 1995
Rooms 501-2, Wilson House
19-27 Wyndham Street
Central, Hong Kong
