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Hong Kong passes legislation addressing the tax treatment of court-free amalgamations
Hong Kong passes legislation addressing the tax treatment of court-free amalgamations, the transfer or succession of assets without sale and deduction of foreign tax paid; and a framework in preparation for the e-filing of tax returns
Yesterday, the Inland Revenue (Amendment) (Miscellaneous Provisions) Bill 2021 (the Bill) passed its third reading in the Legislative Council. The Bill, as passed, is expected to be gazetted and formally become law (the new law) next Friday (i.e., 11 June 2021).
The new law is the same as the Bill in its original form. Clients may refer to our Hong Kong Tax alert – 24 March 2021 (2021 Issue No. 2) and Hong Kong Tax alert – 1 April 2021 (2012 Issue No. 4) for a detailed discussion of the Bill in its original form.
Please refer to this Hong Kong Tax alert for details.