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Bill for patent box tax incentive gazetted
The Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Bill 2024 (the Bill) was gazetted on 28 March 2024. The tax measure introduced by the Bill is generally called a patent box tax incentive.
The aim of the proposed tax incentive is to encourage businesses in Hong Kong to engage in more research and development activities for the creation of intellectual property for commercial exploitation.
Clients who have any questions on the proposed patent box tax incentive including their eligibility to qualify for the same can contact their tax executives.