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Hong Kong Tables Tax Law Administration Bill

by Mary Swire, Tax-News.com, Hong Kong

25 March 2021


Hong Kong tabled the Inland Revenue (Amendment) (Miscellaneous Provisions) Bill 2021 in parliament on March 24.

The Bill will amend four areas of the Inland Revenue Ordinance (Cap. 112) on: the tax treatment for amalgamation of companies under the court-free procedures as provided for under the Companies Ordinance (Cap. 622); the tax treatment for transfer or succession of specified assets under certain circumstances; refining the statutory framework for the furnishing of tax returns; and enhancing the foreign tax deduction regime.

The Hong Kong Government has appended to the Bill an explanatory memorandum, which sets out the impact of the various legislative amendments.

For instance, the provisions in relation to the tax rules for amalgamation of companies are intended to codify current administrative assessment practice into law. These rules set out when concessionary tax rules may apply to an arrangement. These provisions, and the other measures, are explained in detail in a legislative council brief on the Bill, released alongside it.

The Bill was published in the Official Gazette on March 19, 2021.

TAGS: court | Finance | tax | business | law | accounting | transfer pricing | Hong Kong | penalties | Tax

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