The Hong Kong SAR government proposed to refine Hong Kong’s foreign source income exemption (FSIE) regime for passive income with effect from 1 January 2023. Four types of offshore passive income, namely (1) interest, (2) income from intellectual properties, (3) dividends and (4) disposal...
The Hong Kong Foreign-Sourced Income Exemption (FSIE) regime, which came into effect on January 1, 2023, is set to undergo for further enhancements, with the anticipated changes scheduled to take effect from January 1, 2024. Companies engaged in business transactions in Hong Kong should vigilant...
It could retain Hong Kong’s long-established territorial source principle of taxation on active income and avoid unnecessary tax dispute. Currently, foreign-sourced disposal gains on equity interests, whether or not they are capital or revenue in nature, would fall under the existing...
In October 2021, the European Union (EU) included Hong Kong in its watchlist for tax cooperation, as the EU is concerned that corporations with no substantial economic activity in Hong Kong are not subject to tax in respect of certain offshore passive income (such as interest and...
Foreign-sourced interest, dividends, disposal gains on equity interest and income from intellectual property (IP) that are received in Hong Kong. Covered income will continue to be exempt from tax if certain conditions are met. Exemption conditions ...
Some tax jurisdictions give tax exemption on the income of investors who carry out substantive business activities in their country as tax incentive. Such cases, where the incomes are not subjected to tax under some incentive schemes of the foreign source country, will be regarded as having met ...
Tax reforms in recent years have admittedly been pragmatic and responsive to changing economic needs. The exemption of foreign income, the increasing network of tax treaties and hopefully further liberalization of equity ownership requirements, provide not only business and tax planning opportunities but ...
which becomes imperative to guide businesses through the evolving landscape of taxation of foreign source income in Singapore. As the country aligns with international tax standards, we are poised to play a crucial role in assisting multinational corporations in understanding and optimizing their tax pos...
the two sides officially signed the Agreement Between the Government of the People’s Republic of China and the Government of the Republic of Singapore on the Mutual Exemption of Visa Requirements for Holders of Ordinary Passports in Beijing today. The agreement will enter into force on February ...
person are subject to a withholding tax of 30%, although a reduced rate or exemption may apply if stipulated in the applicable tax treaty. For more details on the rules for proper withholding and information reporting of U.S. source income paid to foreign persons, refer to NRA Withholding....