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Hong Kong tax review 2020

The year in review: Swift relief measures, improved regulatory framework and refined tax system safeguard the sustainable economic development of Hong Kong.

The year 2020 has been a year like no other – the fallout from the pandemic affected the economy extensively. In response to this unprecedented situation, the HKSAR government has reacted promptly to implement various reliefs and measures helping businesses to navigate through this tumultuous time. Further, Hong Kong’s regulatory environment and tax system have been further refined with a view to diversifying and revitalising the economy.

The Hong Kong tax review 2020 summarises the significant tax updates last year and previews the upcoming tax developments in the year 2021.

Landmark legislative measures enacted in the Year 2020

  • A new registration regime for Limited Partnership Funds
  • Concessionary tax regimes for qualifying ship lessors and qualifying ship leasing managers
  • A concessionary tax rate for certain general insurance businesses and certain insurance brokerage businesses

Key themes:

  • Hong Kong’s responses to BEPS
  • Developments on economic substance requirements in no or nominal tax jurisdictions
  • Latest status of Hong Kong’s tax treaty network
  • Termination of the HK-US reciprocal shipping exemption agreement
  • Key tax legislative developments and new regulatory regimes in 2020
  • Guidance revised/issued by the Inland Revenue Department
  • Update on Hong Kong profits tax case
  • Hong Kong salaries tax developments

Contact us

Long Ma

Partner, PwC China

Tel: +[86] (10) 6533 3103

Fergus Wong

Director, PwC Hong Kong

Tel: +[852] 2289 5818

Anita Tsang

Director, PwC Hong Kong

Tel: +[852] 2289 3625

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