Hong Kong will implement Country-by-Country Reporting for the accounting periods commencing on or after 1 January 2018, subject to necessary legislative amendments. As a transitional arrangement, parent surrogate filing will be made available for the accounting periods commencing between 1 January 2016 and 31 December 2017.
The assessment practice in relation to court-free amalgamations has been updated to clarify the meaning of amalgamating company and amalgamated company, elaborate the tests for set-off of the tax losses carried forward in the amalgamated company or from the amalgamating company, and add examples to illustrate the application of the same trade test.
The Departmental Interpretation and Practice Notes No. 6 (Revised) has been updated to reflect the legislative changes brought about by the Inland Revenue (Amendment) (No. 3) Ordinance 2015 which commenced on 1 April 2016. This Practice Note covers the provisions of the Inland Revenue Ordinance in relation to:
(A) Objections to the Commissioner
(B) Appeals to the Board of Review
(C) Appeals to the Courts