The Hong Kong government has invited stakeholders to a consultation exercise to undertake a major revamp of its existing preferential tax regimes for funds, family-owned investment holding vehicles managed by single family offices and carried interest. The proposed measures are wide ranging and will have a huge positive impact to the industry by broadening the scope of tax exemptions and reducing certain thresholds. These enhancements reflect the Hong Kong government’s commitment to reinforce and future-proof Hong Kong as a world-class hub for funds and family offices globally. In this webcast, we discussed the proposed enhancement measures for each of the affected preferential tax regimes, expected impact on the industry, and comparison of preferential tax regimes in HK versus Singapore. (Live Presentation was aired on 9 January 2025)

In late May, the House narrowly approved the budget reconciliation bill that makes major changes to the tax code impacting individuals and both domestic and multinational businesses. The measure is now pending in the US Senate, which is likely to change some elements but keep some of the underlying components.

On 16 December 2024, the legislative assembly of Macao passed the bill for approval of the Tax Code after detailed discussions and voting. Structurally, the Bill is divided into two parts:

In the recent annual budget, the HKSAR Government has introduced a range of measures aimed at promoting sustainable growth in both traditional and emerging industries. The focus is on fostering a dynamic economic environment that encourages innovation and investment.

Putting more cash into the hands of consumers to help cope with inflation and generating more tax revenue to support the strengthening of Japan’s self-defence capabilities are two significant components of the 2025 tax reform proposals. Measures to address these objectives will impact on both corporate and individual taxpayers. Also, with Japan’s Income Inclusion Rule already in effect, Japan continues to align its tax laws with the OECD’s Global Minimum Tax regime (i.e. Pillar 2) by proposing to implement the undertaxed profit rule (“UTPR”) and qualified domestic minimum top-up tax (“QDMTT”) provisions.

As public country-by-country reporting (CbCR) gains traction globally, multinational enterprises (MNEs) are increasingly called upon to enhance income tax transparency. Recent developments, including the EU's Public CbCR directive and Australia's new Public CbCR, highlight the importance of tax governance and Environmental, Social, and Governance (ESG) considerations.

香港特区政府已完成公司迁册制度的咨询，并于2024年12月20日公布拟议条例草案。这一制度旨在吸引海外公司迁册至香港，提升香港作为全球商业和金融中心的竞争力！

Taiwan has remained a key jurisdiction that has significant influence over the technology industry and continue to attract investors. What are the recent updates and changes in tax legislative that investors should be aware of? What is the recent TP audit tread in Taiwan? How are the commonly known Taiwan WHT mitigation strategies implemented in practice?

Following the consultation and the legislative proposals for the company re-domiciliation regime, the Hong Kong Government published in the Gazette the new bill on December 20, 2024. The introduction of the company re-domiciliation regime aims to facilitate companies domiciled overseas to re-domicile to Hong Kong, thereby enhancing Hong Kong 's competitiveness through attracting enterprises and investment, as well as strengthening Hong Kong’s position as a global business and financial hub.