Description

The Hong Kong SAR Government launched a consultation on a proposal in June 2022 to refine Hong Kong’s FSIE regime for passive income in response to the European Union’s concern over potential double non taxation arising from tax exemption for offshore passive income in Hong Kong. The draft amendment bill will be gazetted around early November which will be tabled at the Legislative Council for readings before the end of this year.

The purpose of this seminar is to provide an overview of the FSIE regime as detailed in the draft amendment bill. We will also discuss the possible impacts and how taxpayers should get ready for the enactment from 1 January 2023 onwards.

Content outline

1. Overview of the FSIE regime amendment bill

2. Highlights of the updates introduced in the amendment bill

3. Possible impacts of the refined FSIE regime on the covered taxpayers

4. Suggested actions and next step to be taken by the covered taxpayers