Cheng & Cheng Taxation Reveals How the Foreign-Sourced Income Exemption Regime Is a Radical Change to the Source Concept of Hong Kong’s Taxation System
HONG KONG SAR - Media OutReach - 14 November 2022 - Cheng and Cheng Taxation Services Limited (Cheng and Cheng Taxation), one of the top 20 accounting firms in Hong Kong, reviews the Inland Revenue Department's latest draft legislation and guidelines on amendments to the taxation of foreign-sourced passive income, under which dividend income will no longer automatically be 100% non-taxable in Hong Kong, while offshore claims in Hong Kong will also be impacted.