Update: New Foreign Sourced Income Exemption (FSIE) Regime for Passive Income
In line with international standards combating cross-border tax evasion, the Hong Kong government is amending its Foreign-Sourced Income Exemption (‘FSIE’) regime. On October 28th, 2022, the legislative bill of the proposed new regime (the ‘New Regime’) was released. Simultaneously, the Inland Revenue Department (‘IRD’) issued some guidelines enabling targeted enterprises to better understand the practical…