The developments of the Greater Bay Area ("GBA") help consolidate and enhance Hong Kong's status as international financial, transportation and trade centers, as well as an international aviation hub. Hong Kong is also expected to develop an international innovation and technology hub in the GBA. For taking forward the development of the GBA, the Central Government promulgated eight policy measures on 1 March 2019 to facilitate Hong Kong and overseas residents to develop, work and reside in the nine Mainland cities of the GBA, as well as to strengthen the convenient flow of people and goods within the GBA.
These eight policy measures include tax related incentives which help encourage enterprises and people from Hong Kong, Macao and overseas to find their business opportunities in the GBA while their financial costs can be well-managed. As such, it is important to understand these policy measures and how can enterprises and people benefit from them. On the other hand, with many new developments in the GBA, what are the potential challenges? How can enterprises and people turn the challenges into opportunities?
The Chamber is pleased to have Sarah Chan, Tax Partner and Ellen Tong, Tax Director from Deloitte China to share with us the latest GBA policy measures and how the latest China Individual Income Tax Law interface with the individual tax incentives under the GBA policy measures.