Hong Kong: Guidance on foreign-sourced income exemption regime
Guidance on various aspects of foreign-sourced income exemption regime, including definition of covered income and economic substance requirement
Guidance on foreign-sourced income exemption regime
The Inland Revenue Department (IRD) on July 5, 2024, released guidance on various aspects of the foreign-sourced income exemption (FSIE) regime, including the definition of covered income, the economic substance requirement, and the participation requirement.
In particular, the IRD updated the “frequently asked questions” (FAQs) and illustrative examples on its webpage on the FSIE regime, adding 6 FAQs and 2 illustrative examples.
For more information contact a KPMG tax professional:
David Ling | davidxling@kpmg.com
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.