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Hong Kong: Draft legislation on proposed patent box regime

5% concessionary tax rate for Hong Kong-sourced taxable profits derived from use or sale of eligible intellectual property

April 12, 2024

Draft legislation on a proposed patent box regime that would offer a 5% concessionary tax rate for Hong Kong-sourced taxable (i.e., non-capital) profits derived from use or sale of eligible intellectual property (IP), beginning year of assessment (YOA) 2023-2024, was gazetted on 28 March 2024.

The proposed patent box regime was announced in the 2023-2024 budget, and the government launched a consultation on a proposed patent box regime in September 2023.

The draft legislation was scheduled to be introduced into the Legislative Council on 10 April 2024.

For more information contact a KPMG tax professional:

David Ling | davidxling@kpmg.com

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