All news by: Loren Chan

Will the introduction of the Global Minimum Tax and the inclusion of Hong Kong in the “watch list” of European Union’s non-cooperative tax jurisdictions affect you?

With rapid changes in the international tax landscape in recent years, Hong Kong has been proactively making changes to embrace the new rules.  The Hong Kong Government has announced that it would actively implement the tax practice according to international consensus while maintaining Hong Kong’s competitive edge in the business environment.

New tax concessions and deeming provisions on shipping business – Can you benefit from these concessions?

The Inland Revenue (Amendment) (Ship Leasing Tax Concessions) Ordinance 2020 (“Amendment Ordinance”) was gazetted on 19 June 2020 to provide tax concessions to qualifying ship lessors and qualifying ship leasing managers conducting business in Hong Kong.

New changes on Profits Tax Return and extended tax deadlines

With the ever-changing global development on BEPS actions and the tremendous amount of new legislations in place, taxpayers should revisit its current tax position to identify areas of exposure and uncertainty.

COVID-19 – Tax impact on Employers and Employees

At this stage, it is still uncertain when the COVID-19 pandemic would come to an end.  Employers should review on the tax impact brought by different emergency workplace arrangements, such as workplace closure, mandatory self-quarantine, cancellation or postponement of international assignments.

Two-tiered profits tax rates regime

On 29 March 2018, the Inland Revenue (Amendment) (No.3) Ordinance 2018 was gazetted to implement the two-tiered profits tax rates regime proposed by the Chief Executive. The two-tiered profits tax rates regime applies to both corporations and unincorporated businesses in any year of assessment commencing on or after 1 April 2018.