Hong Kong tax review 2024

The year in review: Hong Kong upholds commitment to international tax cooperation and competitiveness through reforms.

Hong Kong has been pressing ahead with tax reforms to seek new development opportunities and bolster economic growth amidst challenges, while remaining committed to international tax cooperation and combating cross-border tax avoidance. Following its removal from the European Union's watchlist in February 2024, Hong Kong is working at full steam to bring in an array of tax and related initiatives to enhance its competitiveness.

The Hong Kong Tax Review 2024 summarises the significant tax updates in 2024 and previews the upcoming tax developments in 2025.

Landmark tax developments in 2024

Hong Kong removed from European Union’s tax watchlist
Proposed enhancements to tax concessions for carried interest, funds and single family offices
Patent box tax incentive
Proposed company re-domiciliation regime
Lease reinstatement cost deduction and removal of time limits for annual allowance claims on commercial/industrial buildings or structures
Hong Kong’s responses to Base Erosion and Profit Shifting (i.e. BEPS)