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e20220729 A new era to Hong Kong taxation – Recent development on the Foreign Source Income Exemption (“FSIE”) regime

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Programme Code:
e20220729
Date:
29 July 2023 (Saturday)
Speakers:

Ms Winnie Shek, Tax Partner, Business Tax Advisory, Deloitte Advisory (Hong Kong)

Mr Tony Cheng, Senior Tax Manager, Business Tax Advisory, Deloitte Advisory (Hong Kong)

Language:
Cantonese
Proficiency Level:
Intermediate Level
Fee:
$150
CPD Hours:
1.5
Seat:
 
Event Categories:
,
Free Preview:
https://youtu.be/Kfl62FzyF50

Description


Please be reminded that this is an e-seminar which can be accessed anytime to obtain the CPD hours.

Hong Kong has been adopting territorial source principle of taxation and income not sourced from Hong Kong is generally not chargeable to Hong Kong profits tax. Accordingly offshore passive income for instance dividend, interest, disposal gains and royalty income with offshore sourced are generally exempt from tax in Hong Kong.

The European Union (“EU”) raised concerns towards Hong Kong territorial source tax system and has put Hong Kong on the “watchlist” of its list of non-cooperative jurisdictions for tax purposes in October 2021. If Hong Kong does not adequately respond to EU’s concerns, it will be blacklisted by the EU for tax purposes and Hong Kong-based enterprises may be subject to defensive measures imposed by EU member countries.

To address the above, the Hong Kong government has recently released a consultation paper on the proposed refinements to Hong Kong’s foreign source income exemption (“FSIE”) regime, expecting for an introduction of amendment bill in Legislative Council in October 2022 and the passage of law by end of 2022.

In this live webinar, the speakers will:

  • Elaborate on the in-scope taxpayer and in-scope passive income that applicable to the FSIE regime
  • Explain the taxing rationale as described in the Consultation Paper, with particular focus on Economic Substance Requirement and Nexus Approach
  • Highlight the unclarified areas with scenario analysis, and
  • Other implementation and compliance arrangements as described in the Consultation Paper.

No CPD hours will be granted if you have already attended the live webinar on 29 July 2022.

Speaker Profile

Ms Winnie Shek, Tax Partner, Business Tax Advisory, Deloitte Advisory (Hong Kong)

Winnie has almost 20 years of professional experience in Hong Kong, PRC, and cross-border business and tax advisory services. She is specialized in providing tax and regulatory advice to multinational corporations, State-Owned Enterprises, listed companies as well as high-potential private companies. She has deep experience in all kinds of corporate tax projects, from general tax/regulatory compliance to tax planning and implementation including investment strategies and corporate reorganizations. She is particularly experienced in providing pre-IPO tax solutions to her clients, including identification and cleaning-up of uncertain tax positions, advising the tax implications from pre-IPO restructuring, etc. Apart from her partner role in Deloitte China, she also serves as a Council Member for the Taxation Institute of Hong Kong. She is also a frequent speaker at various seminar and tax workshop.

Mr Tony Cheng, Senior Tax Manager, Business Tax Advisory, Deloitte Advisory (Hong Kong)

Tony is a Senior Manager with Deloitte Hong Kong and has more than 14 years of tax and business advisory experience serving local / multinational / listed companies in Hong Kong and China as well as multi-national companies based in Asia Pacific region. He is well versed in Hong Kong tax regulations and practice. Tony is an experienced speaker in tax seminar and has delivered tax technical trainings to Securities and Futures Commission (SFC) and various external clients.

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