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The HKSAR Government has gazetted the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 on 28 October with a view to introducing the same into the Legislative Council on 2 November.

Under the FSIE regime, which is expected to come into force on 1 January 2023, tax exemptions currently granted to specified types of foreign-sourced passive income received in Hong Kong by multinational enterprises may no longer be available unless certain conditions such as economic substance requirements are met. The meaning of passive income includes interest, dividend, disposal gain on equity interests and income from intellectual properties. To facilitate implementation of the new regime, the Inland Revenue Department (IRD) has issued administrative guidelines and provided instructions for applying for Commissioner's Opinion (CIR Opinion) as an interim measure for entities that wish to ensure compliance with the economic substance requirements before the new legislation comes into force.

The Chamber has once again invited Sarah Chan and Kwan Yu, Tax Partners at Deloitte China, to provide an update of the legislative provisions as given in the Bill. They will also share insights on the Bill's impact on businesses and offer advice on actions that can be taken by affected entities including key considerations in applying for CIR Opinion.

For participants attending online, please refer to the following:

- Upon successful registration of the event, a unique webinar link will be sent to your registered email (attendee email) 2 working days before the event. Please refer to the troubleshooting guide here should you experience any issues in locating the webinar link.
- Instructions on downloading Zoom and joining a webinar can be found here. We suggest that you familiarize yourself with the software in advance of the webinar.
- Please log in 15 minutes (at 15:45) before the event begins, through the link that will be sent to your registered email.

For participants attending in-person, please refer to the following:

- Seats are limited and available on a first come first served basis.
- Pre-registration for in-person attendance is required and the Chamber reserves the right to decline such an application.
- Attendees are required to scan the "Leave Home Safe" QR code on arrival at the Chamber and should wear a mask at all times. They are also subject to temperature checks.
- Attendees, who feel unwell are advised against in-person attendance at the Chamber. If attendees are required to undergo compulsory testing, please kindly bring along a negative PCR or RAT test result when attending physically.
- Food and beverages will not be provided.

DISCLAIMER
Speakers' presentations at this event are intended for educational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed during this event are those of the speakers and participants and, unless expressly stated to the contrary, are not the opinion or position of the Hong Kong General Chamber of Commerce, its members, or its committees. The Chamber does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented. Attendees should note that, with the approval of speakers, this event may be recorded, and possibly published on the Chamber's website in audio and/or video formats without further notice.

Recording, duplication or distribution of the contents of the online event is prohibited without prior written permission from the Chamber.

Speaker(s)

Sarah Chan
Tax Partner, Deloitte China

Sarah is a Tax Partner of Deloitte China and has more than 25 years of tax and business advisory experience. She is the Lead Partner of Business Process Solution team of Deloitte China Southern Mainland Region and has more than 10 years of leadership role in Global Compliance and Reporting. Sarah is at the same time the Chair of Taxation Faculty Executive Committee of the Hong Kong Institute of Certified Public Accountants, fellow member of both the UK Chartered Association of Certified Accountants and Hong Kong Institute of Certified Public Accountants.

Kwan Yu
Tax Partner, Deloitte China

Kwan Yu is a Tax Partner with Deloitte China’s International & M&A Tax Services based in Hong Kong and has over 20 years of international tax experience in the US and Hong Kong. He is also a member of the Asia Pacific International Core of Excellence (AP ICE) which is a core group of senior tax professionals that provides international tax services to Asia Pacific based companies investing abroad as well as multinational companies investing in the region. Kwan is a member of the AICPA and a CPA licensed in the State of Virginia.

Language English
Date and Time 2022/12/01 16:00 to 17:30
Venue Chamber Theatre, 22/F United Centre
Media Closed to media
Enquiries Gillian Tam
Tel: 28231246
Email: gillian@chamber.org.hk
Fee
  • HK$ 100 for Members / HK$ 200 for Non-Members (Online via Zoom)
  • HK$ 120 for Members / HK$ 240 for Non-Members (In person at the Chamber)
+$50 for booking offline
This event accepts Chamber Coupon (terms and conditions)
Members enjoy 30% discount with BOC HKGCC VISA Card
Notes - Bookings are only confirmed upon receipt of payment, on a first come first served basis.
- Booking transfer is allowed for corporate members with advanced notice, walk-ins are normally not accepted.
- The Chamber reserves the right to decline any booking or cancel the event. In such case, a full refund of the participation fee will be issued.
- No refund will be made for last minute cancellations or no-shows. If the booking is cancelled at least 3 days before the event, and in such cases the refund will be subjected to a 10% administration fee, or HK$100 deduction, whichever is higher.
- Members paying with their BOC HKGCC Visa Card will enjoy a 30% discount on their reservation. The discount is only applicable to the card holder, and does not extend to their guests. The discount cannot be used in conjunction with Chamber Coupons.
- A $50 handling fee per person will be charged for all offline bookings (e.g. fax, e-mail, post) for all Chamber events. Go online today by downloading our app or registering on the HKGCC website to save the environment and money.
- Priority is given to corporate members. The decision to accept or decline any booking shall be at sole discretion of the Chamber.

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