Episode Synopsis "Capitalize on Hong Kong’s new patent box tax concession "

The Bill on the patent box tax concession was passed by the Legislative Council on 26 June 2024. This newly implemented tax concession is a significant initiative introduced by the Hong Kong government to foster research and development (R&D) activities and the creation of intellectual property (IP) in the city. Under this concession, qualifying income from an IP (e.g., patent), including embedded income in sales price of product or service, can enjoy a preferential tax rate of 5%. This is a substantial reduction from the standard corporate tax rate of 16.5%. Together with the enhanced deduction of qualifying R&D expenditures, it aims at incentivizing businesses to invest in R&D, create IPs and generate economic benefits from them in Hong Kong. In this Dbriefs AP webcast, we covered an overview of new patent box tax concession, potential application of patent box tax concession, practical tips and strategies on how to leverage this concession to explore opportunities and enjoy potential benefits. (Live Presentation was aired on 24 July 2024)Click the icon below to watch.       

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