As expected, on 5 October 2021, Hong Kong and a few other jurisdictions* have been placed on the Grey List of Non-Cooperative Tax Jurisdictions (“Grey List”) by the European Union (“EU”). This is due to the EU’s concerns of double non-taxation of foreign-sourced passive income, such as interests and royalties, under Hong Kong’s territorial source system.
For employees departing Hong Kong, tax clearance is always required for you and your employer. In this article, we go in-depth about what an employer should do when an employee is leaving Hong Kong and what employees should do.
Each year, many people enter and leave Hong Kong. Perhaps you are moving back home or to an opportunity elsewhere. There are many things to take care of regarding your move.
On 28 July 2021, the Hong Kong Inland Revenue Department (“IRD”) released its guidance on tax issues arising from the pandemic.
