Webinar: Hong Kong’s foreign-sourced income exemption regime: refinements and updates

Join ITR and KPMG China at 5pm Beijing time (9am GMT) on December 12 2023 to hear about the most recent changes to the foreign-sourced income exemption regime

The foreign-sourced income exemption (FSIE) regime, which became effective on January 1 2023, is one of the biggest changes in the basic tenor of taxation in Hong Kong’s history. An amendment bill to expand the scope of assets covered under the FSIE regime was gazetted on October 13 2023. This change should be coupled with amendments to the Hong Kong Inland Revenue Ordinance enhancing the tax certainty in connection with onshore qualified equity disposal gains that were gazetted on October 20 2023.

In this webinar, John Timpany and Eugene Yeung, respectively the head of tax and a tax partner at KPMG China, will discuss what they have observed in the 11 months since the enactment of the FSIE regime, and the features of the proposed changes to the law. They will also share insights on actions that may be required before year end.

Topics

John Timpany

Head of tax, Hong Kong KPMG China

John has over 25 years of experience in KPMG’s tax practices in Hong Kong and New Zealand. He specialises in providing Hong Kong and international tax advisory services.

John’s work includes providing the full range of tax assistance and advice to multinational companies across the Asia-Pacific region and beyond. A number of his clients use Hong Kong as the location for their head office and he advises these organisations on managing their tax affairs regionally and globally. This regularly entails the leadership of client teams for specific projects and the provision of tax advisory and compliance support.

John’s role includes advising on issues relevant to the establishment and restructuring of investment holding and operating structures for companies operating in a diverse range of industries and countries. Through this work he has a good understanding of the practical operation of various regional and global tax systems. John is experienced in advising clients in a wide variety of industries, including financial services, consumer markets, real estate, transportation, and logistics.

Eugene Yeung

Tax partner KPMG China

Eugene is a tax partner of KPMG China. He is based in Hong Kong and experienced in advising on corporate tax issues, deals, tax litigation, regional tax management, etc.

Eugene has around 20 years of professional tax experience with a unique mix of exposure. He spent more than a decade with global tax consulting practices in Hong Kong advising local, Chinese, and multinational clients on a wide range of corporate tax and company law matters. Eugene also spent around five years with European financial institutions’ Asian tax functions, including a fair amount of time in a regional head capacity, leading projects such as setting up tax processes, managing cross-border legal and business restructuring, and handling tax controversies.

His background and experience enable him to translate complex issues into business implications, and provide pragmatic solutions considering commercial sensitivity.