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.