Taxation CommitteeCommittee Activities

Taxation Committee Meeting: One Big Beautiful Bill (OBBB) Act

Thomas Chang, Managing Director (US Tax Services) at Deloitte, provided an overview of the key provisions of the US’s One Big Beautiful Bill (OBBB) Act and its implications for Asian businesses at the committee meeting on 15 July. Signed into law by US President Trump on 4 July, the OBBB Act introduces massive tax cuts and spending. These significant policy changes, funding reallocations, and regulatory adjustments will not only impact every industry and household in the US but also affect non-US businesses with investments or operations in the country.

Taxation Committee Meeting: Latest Initiatives of OASES

Dr Jimmy Chiang, Deputy Director-General of Office for Attracting Strategic Enterprises (OASES), provided an update on the OASES’s latest initiatives to attract strategic enterprises to Hong Kong during the committee meeting. Building on Hong Kong’s open and welcoming business environment, the Chamber is committed to provide support, network and business services to help business community grow in Hong Kong.

Post-Budget Meeting

The Economic Policy and Taxation committees co-hosted a post-Budget briefing on 28 February featuring Bruno Luk, Deputy Secretary for Financial Services and the Treasury, and Joyce Cheung, Principal Economist of the Financial Secretary’s Office. They engaged in discussions with members regarding the recently announced Budget and addressed various issues related to bond issuance, as well as exploring potential strategies to enhance public finances.

Key Insights: New Company Re-Domiciliation Bill and Latest Tax Controversy Trends

On 19 February, Deloitte tax experts Polly Wan and Ka Yan Pau, along with Counsel Kenneth Lee, presented at a seminar discussing the benefits of the new company re-domiciliation bill and the latest tax trends in Hong Kong. They compared the advantages and disadvantages of associated with relocation options, including setting up a Hong Kong subsidiary, a branch, and re-domiciliation. This new regime aims to facilitate a more streamlined process for international businesses seeking to integrate into the local market while maintaining their existing corporate structures. It is anticipated that this initiative will significantly enhance Hong Kong's position as a competitive global business hub.