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August 2021 - Tax treatments for corporate amalgamation under the court-free procedures
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Aug 2021 - Corporate amalgamation tax treatments
The new Companies Ordinance (“CO”) (Cap. 622) came into effect on March 3, 2014 & introduced court-free procedures for corporate amalgamations in Hong Kong.
The Inland Revenue Department (“IRD”), before the enactment of the recent tax legislation, had handled amalgamation cases based on the interim assessing practice published on its website. To provide taxpayers with clarity and certainty, the IRD introduced the Inland Revenue (Amendment) (Miscellaneous Provisions) Bill 2021 which codifies the IRD’s assessing practice relating to amalgamation into the Inland Revenue Ordinance (“IRO”). This bill was enacted on 11 June, 2021.
The Inland Revenue Department (“IRD”), before the enactment of the recent tax legislation, had handled amalgamation cases based on the interim assessing practice published on its website. To provide taxpayers with clarity and certainty, the IRD introduced the Inland Revenue (Amendment) (Miscellaneous Provisions) Bill 2021 which codifies the IRD’s assessing practice relating to amalgamation into the Inland Revenue Ordinance (“IRO”). This bill was enacted on 11 June, 2021.
Topics discussed in this newsletter:
- Key general provisions applicable to a qualifying amalgamation
- Special tax treatments for a qualifying amalgamation
- Amalgamation without an election
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Karen Lau Partner, Head of Tax Services - Hong Kong
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