The Hong Kong Financial Secretary, Paul Chan Mo-po, presented the 2023-24 Budget Speech on February 22, 2023. The budget focuses on the government’s goal of “Leaping Forward Steadily, Together We Bolster Prosperity under Our New Vision,” and aims to support people’s livelihoods, enterprises, and high-quality development.
Proposed changes to Hong Kong’s foreign source income exemption regime for passive income are expected to come into force on 1 January 2023 with no transition period. All kinds of offshore passive income received by a constituent entity of a multinational enterprise group shall be deemed to be sourced in Hong Kong and, therefore, subject to profits tax in certain cases.
With more sources of data input that go beyond the limits of historical data coming into play, the nature of the audit process will undergo a transformation: from an essentially reactive exercise delivered in hindsight into an increasingly forward-oriented and anticipatory endeavour. In this article, we discuss different ways technology is reshaping the landscape of audit and the concomitant risks.
Qualified enterprises operating in the lifestyle services sector in Mainland China will continue to enjoy a 15% “super deduction” of creditable input VAT in the
The Hong Kong government promulgated the Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Ordinance 2022 (“the Ordinance”) on 22 July 2022, which offers
On 1 July 2022, the Stamp Duty Law passed by the Standing Committee of the 13th National People’s Congress at the 29th session on 10
On 28 March 2022, the State Council published the Notice on the Establishment of Individual Income Tax (IIT) Special Additional Deduction for Under-three-year-old Infants and
On 21 March 2022, in order to support the development of micro and small enterprises, manufacturing and other industries, boost confidence of market players and
The Chinese government has released a series of incentives relating to corporate income tax (CIT), value-added tax (VAT), and other taxes for Small and Medium
Fintech has transformed our daily lives in all aspects, from banking, money transfers, lending, capital management, etc. In Hong Kong, developing fintech is strongly supported
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