Hong Kong’s proposed foreign source income exemption regime for passive income

Under Hong Kong’s Proposed FSIE Regime, offshore passive income will be deemed to be sourced from Hong Kong and subject to Hong Kong tax if certain requirements are met. The Hong Kong government plans to introduce an amendment bill on Hong Kong’s Proposed FSIE Regime in October 2022 in order to bring the Proposed FSIE […]

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HKEx Updates on Climate Disclosure Standards

On 10 June 2022, the Stock Exchange of Hong Kong (HKEx) released its 2022 listing newsletter (HKEx Listing Newsletter). This fourth edition primarily focuses on the forthcoming global sustainability reporting standards on climate disclosures that will form the upcoming HKEx review of the environmental, social, and corporate governance reporting framework (HKEx ESG Reporting Framework), the […]

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Swap Connect Development Jointly Announced by People’s Bank of China, Hong Kong Securities and Futures Commission, and Hong Kong Monetary Authority

On 4 July 2022, the People’s Bank of China (the PBOC), the Hong Kong Securities and Futures Commission (SFC), and the Hong Kong Monetary Authority (HKMA) jointly announced that the China Foreign Exchange Trade System (also known as the National Interbank Funding Centre) (CFETS), and Shanghai Clearing House (SHCH), together with OTC Clearing Hong Kong […]

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New HKEX Listing Rules on Listed Issuers’ Share Schemes to Take effect 1 January 2023

n 29 July 2022, The Stock Exchange of Hong Kong Limited (the HKEx) published consultation conclusions on Proposed Amendments to the Listing Rules relating to Share Schemes of Listed issuers and Housekeeping Rule Amendment (the Consultation Conclusions). The HKEx had previously issued the Consultation Paper on Proposed Amendments to Listing Rules relating to Share Schemes of Listed Issuers1 in October 2021 on […]

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Hong Kong Registration Regime for Dealers in Precious Metals and Stones to Take Effect on 1 January 2023

A new registration regime for dealers in precious metals and stones (DPMS) will come into effect on 1 January 2023 under proposed amendments to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (the AMLO) which were introduced to Hong Kong’s Legislative Council on 6 July 2022.1 The proposed amendments are set out in the […]

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SFC Proposes Significant Amendments to SFO Enforcement Regime

On 10 June 2022, the Securities and Futures Commission (SFC) launched a two-month consultation on proposed amendments to the enforcement-related provisions of the Securities and Futures Ordinance (SFO). The Consultation Paper’s proposals are far-reaching, comprising the following three principal proposals: to amend section 213 of the SFO to enable the SFC to apply to the Court of […]

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Hong Kong Licensing Regime for Virtual Asset Exchanges to Take Effect on 1 March 2023

A new licensing regime for virtual asset service providers (VASPs) will come into effect on 1 March 2023 under proposed amendments to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (the AMLO) which were introduced to Hong Kong’s Legislative Council on 6 July 2022.[1] The proposed amendments are set out in the Anti-Money Laundering […]

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Julia Charlton attends reception today at 10 Downing Street to mark the 2022 Commonwealth Heads Government Meeting

Delighted to attend a reception today at 10 Downing Street to mark the 2022 Commonwealth Heads Government Meeting & celebrate the UK’s business, trade and investment relationships across the Commonwealth. Good to hear Boris Johnson emphasising the importance and growth potential of Commonwealth trade and business. Thanks and congratulations to Commonwealth Enterprise and Investment Council for all their great […]

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Important Changes To Trust Legislation

You may not be aware of some new legislation which has been announced that forces nearly all trusts to register with HMRC before 1 September 2022, whether or not they have a liability. The new rules impose penalties for non-compliance which will include many arrangements that have not previously needed to be reported. If you […]

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SFC End-To-End Tests for Hong Kong Investor Identity Regime

On 31 March 2022, the Securities and Futures Commission of Hong Kong (SFC) issued a circular regarding the mandatory end-to-end (E2E) test for systems for the Hong Kong Investor Identification Regime (HKIDR). The circular provides a summary of the preparation work necessary for implementing the mandatory E2E test which licensed and registered intermediaries must complete between mid-May […]

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NICs boost for the self-employed

Prior to the March Spring Statement, most self-employed individuals were facing increased national insurance contribution (NIC) bills this year. However, those with profits up to and just over £28,000 will now see a fall in the amount they pay compared to last year. What’s more, low earners can benefit from deemed contributions. Class 4 NICs […]

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Recruitment for your business in this competitive market

“It’s so hard to find the right person!” “Having found the right person and having successfully integrated her into the team and now seeing her flourish, I then worry about retaining her!” People management has always been a key ingredient to any business’ success, yet it is also one of the trickiest aspects to get […]

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