_white.png){kind=logo}
Hong Kong Tax Newsletters
Patent Box Tax Initiative
2024-09-06
2024-04-21
On 28 March 2024, the Hong Kong Government published the Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Bill 2024 (“the Bill”) in the Gazette to implement the "patent box" regime. The Bill aims to strengthen Hong Kong’s competitiveness as a regional intellectual property (“IP”) trading centre by encouraging businesses to engage in more research and development (“R&D”) and IP trading activities. It offers a 5 per cent concessionary tax rate for eligible IP income derived from eligible IP assets, subject to certain conditions.
For further enquiries, please feel free to contact your usual PKF tax advisors, or reach out to our Tax Partner, Henry Fung (henryfung@pkf-hk.com).