Inland Revenue amendments bill passed

It will take effect on 11 June after it is gazetted.

The measure amending miscellaneous provisions of Hong Kong’s Inland Revenue Ordinance has been passed, Secretary for Financial Services and the Treasury Christopher Hui said.

Secretary Hui welcomed the passage of the amendments, which he said codifies the tax treatment on qualifying amalgamations the transfer or succession of specified assets, offering better clarity and certainty of the relevant matters.

"It would also provide the legal basis to enable more businesses to voluntarily file tax returns, including financial statements, electronically, with the ultimate goal of implementing electronic filing of profits tax returns through the Business Tax Portal,” he said.
     "Enhancing the foreign tax deduction regime will reduce the tax liability of Hong Kong branches of foreign corporations, in particular foreign banks, and holders of intellectual property.”

He added that it would also create a more favourable environment for businesses as it reinforces Hong Kong’s position as an attractive destination for financial services as well as research and development.

The Ordinance will be in operation on 11 June, whilst tax deductions will take effect from the year of assessment 2021/22.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Hong Kong sets higher investment threshold for residency
Whilst permanent residency in Hong Kong now requires a minimum outlay of $30m (US$3.83m), the range of permissible investments has been expanded.
MBA programmes in Hong Kong live up to financial hub status
MBA providers hop on experiential learning and progressive curriculums to ensure competitive edge in the rapidly evolving business landscape.