Tuesday, 24 July 2012

Hong Kong Updates- Tax

The Court of Appeal confirmed that unrealised gains are not chargeable to profits tax (under Section 14 of the Inland Revenue Ordinance).

New legislation:
(i) The Competition Bill received its final reading in LegCo and will become law, largely unchanged. It includes two ‘Conduct Rules’, which prohibit (1) agreements and behaviour which restrict competiton in Hong Kong and (2) abuse of substantial market power with the same effect. Fines (amongst other penalties) can be up to 10% of the turnover of the group of which the offending company is a part.

(ii) The Mediation Ordinance which aims to encourage mediation for the resolution of disputes in Hong Kong enhancing existing rules requiring arbitration to be attempted prior to commencing court proceedings.

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