In July 2021, 133 jurisdictions including Hong Kong approved a statement providing a framework for the reform of existing international tax rules. Set to take effect in 2023, the new rules propose a global minimum effective tax rate of at least 15% applied on a jurisdiction-by-jurisdiction basis.
Due to Hong Kong's various incentives and territorial system of taxation, a majority of its companies have an effective tax rate well below 15%. The new rules will apply to groups with turnover in excess of EUR 750 million, although changes to domestic tax rules in response may be more wide reaching. Separately, the European Union is conducting a review of foreign source exclusion regimes such as those in Hong Kong, which may also put pressure on Hong Kong's traditional system of low and simple tax.
In light of the challenges posed for jurisdictions like Hong Kong, the Italian Chamber of Commerce is pleased to invite you to this webinar in collaboration with KPMG.
In this webinar, with the partnerships of the European Chamber of Commerce in Hong Kong, the Dutch Chamber of Commerce in Hong Kong, The French Chamber of Commerce and Industry in Hong Kong, and the Mexican Chamber of Commerce in Hong Kong, an overview of the aforementioned tax proposal will be provided, possible consequences will be explored and common corporate arrangements that may be impacted will be discussed.
Don't miss out! Join this informative webinar to learn about how your company could be affected. Apprehend know-hows to help better prepare your business for these changes.