Description
Hong Kong currently offers research and development (R&D) tax incentives to businesses as a means to promote innovation and technological advancement. In addition this, Hong Kong has recently proposed to introduce a patent box regime, to encourage businesses to conduct more R&D and intellectual property (IP) trading activities in Hong Kong. This regime will provide tax concessions for profits derived from eligible IP assets through R&D activities in Hong Kong. The Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Ordinance 2024 was gazetted on 5 July 2024.
While the patent box regime presents opportunities for companies to enhance their R&D set up and IP presence in Hong Kong, it would also be a good time for companies to reassess their structures and strategy for utilising the tax regime and re-evaluating other tax and commercial considerations and options.
In this seminar, the speakers will discuss:
- Give a brief background on the development of the IP and R&D tax regimes in Hong Kong
- Discuss the details of the patent box tax regime
- Discuss the details of the enhanced tax deduction on R&D expenditures
- Discuss the details of the DLRI application and some popular R&D funding schemes in Hong Kong