Ayesha Lau, Darren Bowdern, Justin Pearce and Michael Olesnicky of KPMG China explain how the Hong Kong government has changed tax rules in areas such as captive insurance and expense deductibility for payments to overseas companies to maintain its position as an attractive international financial centre in the Asia Pacific region.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap