Exploring Hong Kong’s Patent Box Regime
On July 5th, 2024, the Hong Kong SAR Government enacted the Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Ordinance 2024, introducing a “patent box” tax incentive regime (“Patent Box Regime”). This regime offers tax concessions on qualifying profits derived from eligible intellectual property (IP) developed through research and development (R&D) activities within Hong Kong. By implementing this regime, Hong Kong seeks to stimulate the growth of IP trading, encourage companies to engage in IP-related activities, and solidify its position as a leading regional hub for intellectual property.
This article delves into the intricacies of the Patent Box Regime, highlighting its objectives, key features, eligibility criteria, and implications for businesses.
How to Conduct a Successful Sustainability Report
Effective sustainability reporting is crucial for demonstrating an organization’s commitment to sustainable development. This article guides you through essential considerations and structured steps for a successful sustainability report. Begin by securing top-level commitment to ensure resource allocation and understand the regulatory landscape early on. Start small, focusing on core sustainability metrics, and gradually expand your scope. Develop in-house expertise and engage stakeholders to create a comprehensive sustainability narrative. A five-step process—from assessing readiness to continuous improvement—helps organizations draft meaningful reports that resonate with stakeholders and enhance sustainability efforts. With the right approach, sustainability reporting can drive significant environmental and social benefits while aligning with business objectives.
