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Hong Kong tax bill granting enhanced R&D deduction gazetted

Hong Kong tax bill granting enhanced R&D deduction gazetted

CENTRAL: A Hong Kong tax bill that provides for an enhanced deduction for research and development expenditures conducted in Hong Kong was gazetted April 20, Hong Kong’s Inland Revenue Department has announced.

The new law is designed to encourage the conduct of research and development activities in Hong Kong.

The tax bill restructures section 16B of the Inland Revenue Ordinance, the Hong Kong tax authority said. It also empowers Hong Kong’s Commissioner for Innovation and Technology to designate local institutions as “designated local research institutions” for tax deduction purposes.