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Bills for tax certainty for onshore disposal gains on equity interests and expanded scope for offshore disposal gains
On 19 October 2023, the Financial Services and Treasury Bureau (FSTB) and the Inland Revenue Department (IRD) conducted an engagement session with the stakeholders explaining the backgrounds and certain provisions of the captioned two bills.
The bill for (i) was gazetted on 20 October 2023 and that for (ii) on 13 October 2023. In fact, the major provisions of these two bills had already been referred to by the FSTB and the IRD in their various earlier engagement sessions with the stakeholders. Please refer to our two previous alerts for what was discussed in these earlier engagement sessions.
This alert summarizes the latest updates or clarifications made by the FSTB and the IRD on the major provisions of these two bills.