May 2023
Welcome to our May 2023 issue of Vistra North Asia Perspectives!
Beginning this issue with a policy update on?Hong Kong Family Offices. On 10 May 2023, the Legislative Council of the HKSAR passed the?“Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022”, which became effective on 19 May. The government has recently introduced various measures to promote Hong Kong as a global hub for family offices, and attract high-net-worth individuals and families to invest in Hong Kong, including tax concessions and a new "Capital Investment Entrant Scheme" for achieving residency. With recent policy changes,?we believe that Hong Kong is positioned to create more opportunities for family offices development, and achieve the goal proposed by the Chief Executive, John Lee Ka-chiu, in the “2022 Policy Address” – namely, “to promote the?establishment or expansion of no less than 200 family offices in Hong Kong by the end of 2025”.
?In this regard, Vistra is hosting a seminar entitled?“Hong Kong Family Office 2023 – Outlook, Trends and Interpretation for the Latest Policies” (Mandarin only). We are honoured to invite as our guest speakers, a former official of?Invest Hong Kong?and a senior tax expert to share views on the forward prospects for Hong Kong’s family offices sector, and the related tax policies. If you are interested in our exclusive insights, please contact your Vistra representative, or?register via this link.
?Although the global financial environment is tightening, the reopening of the Chinese Mainland has provided a significant impetus to the APAC and global economies. The "Regional Economic Outlook - Asia and Pacific" report released by the International Monetary Fund (IMF) on 2 May predicts that the economic growth rate in the APAC region will increase from 3.8% in 2022 to 4.6% this year, contributing to about 70% of global growth. Within APAC, China is expected to rank first in contribution to global economic growth, accounting for about one-third of global economic growth for the year.
?We also see that many Chinese enterprises are steadily advancing their overseas expansion plans, in particular in the Middle East market, where growing ties have recently captured attention. Vistra has initiated a timely series of international expansion insights on?Doing Business in the Middle East. These outline the business advantages, tax policies, and related challenges when expanding to the United Arab Emirates, Saudi Arabia, and Qatar. We trust that these will assist Chinese enterprises to effectively position for the Middle East market.
?At Vistra, we aim to help our clients act with confidence and speed to seize opportunities, whenever they arise. To help you stay updated on market dynamics, we have compiled this newsletter which covers the latest key policy updates in the Greater China market. Hope that you find our newsletter informative.
?Happy reading!
?Vistra North Asia Team
视界 | 区域客户尊享的每月精选资讯
?欢迎来到《瑞致达北亚区 | 视界》2023年5月期！
首先，想要分享的是有关香港家族办公室的最新政策。特区立法会2023年5月10日通过了《2022年税务(修订)(家族投资控权工具的税务宽减)条例草案》，并于2023年5月19日刊宪当日生效。为推动香港发展成为全球领先的家族办公室枢纽 ，持续吸引全球高净值客户及家族在香港投资，特区政府不断推出各项有力举措，包括税务宽减及新的“资本投资者入境计划”。相信香港必能创造家办发展的新机遇，并达成特首李家超在《2022年度政府施政报告》中提出的目标“在2025年年底前推动不少于200间家族办公室在港设立或扩展业务”！为此，瑞致达也将在近期举办一场关于“把握香港家办发展新机遇”的研讨会，邀请到香港投资推广署前官员以及资深税务专家为大家展望香港家办发展前景、深度解读香港家办最新宏观及税务政策。如您感兴趣，请联系您的瑞致达联络人，或 点击此处报名。
?内地方面，虽然当下全球金融环境趋紧，但中国内地的重新开放却为亚太和全球经济提供了巨大动力。国际货币基金组织（IMF）5月2日发布的《亚太地区经济展望》报告预计今年亚太地区的经济增速将从 2022 年的 3.8%上升至 4.6%，对全球增长的贡献将达到约 70%。而在亚太地区中，中国对全球经济增长的贡献排名第一，占全球经济增长的约三分之一。我们也看到很多中企客户正在稳步推进海外布局，特别是最近比较受到关注的中东市场。因此，瑞致达也陆续分享了“中企出海中东”系列微信（仅中文），将涵盖阿联酋、沙特阿拉伯以及卡塔尔的营商优势、税收政策及相关挑战。希望助力中企高效落地中东市场。
?本期视界，我们依旧为您汇总了近期香港及内地市场的重点政策更新或公告，衷心期待本期内容对您有所帮助。 Vistra将始终为您密切关注市场动态，帮助您自信而快速地把握一切机遇！
?祝 阅读愉快！
瑞致达北亚区团队
SPOTLIGHTS
Vistra assists with the establishment of the China-ASEAN Investment Cooperation Fund II
Vistra, a leading global corporate service provider and fund administrator, has recently been appointed to provide the China-ASEAN Investment Cooperation Fund II (Fund) with multi-faceted services including company secretarial and compliance services for funds, project companies and investee companies.
LEGAL AND COMPLIANCE UPDATES
REMINDER: The approaching reporting deadlines for CRS/ FATCA in BVI and HKSAR for the year 2022
Filing deadlines for the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) Reporting for 2022 are approaching. These deadlines apply to all (foreign) financial institutions that have reporting obligations in 2022 under CRS and FATCA. Vistra highlights the latest reporting requirements and recommendations for your reference.
领英推荐
HKEX Publishes Consultation Conclusions on new Listing Rules for Specialist Technology Companies
Following our earlier market update, the Stock Exchange of Hong Kong Limited (HKEX) has on 24 March 2023 published conclusions on the consultation for the proposed new listing framework for specialized technology companies (Chapter 18C of the Listing Rules). HKEX received 90 separate responses from a broad cross-section of respondents to the consultation, the majority of whom were supportive of HKEX’ proposals. The new Rules became effective on 31 March 2023.
?Vistra summarizes the key points of the consultation conclusions for your easy reference.
Hong Kong profits tax filing obligations for the 2022/23 year of assessment
Vistra reminds clients that the Hong Kong Inland Revenue Department (IRD) has issued profits tax returns for the 2022/23 assessment year during April. Clients need to file on time in accordance with their respective fiscal year period. Vistra has set out the applicable updates and submission requirements for profits tax filings for your easy reference.
Taxation treatment on overseas income received by Chinese Resident Enterprises (CRE) (Case study inclusive)
The global tax landscape is undergoing a rapid transformation, coinciding with an increase in Chinese enterprises’ overseas investment and acquisition activities. Read this article which provides CREs with essential insights into optimizing their overseas income tax obligations, with a highlight on best practices
?Read MoreSOLUTION HIGHLIGHTS
Chinese investors investing in the Middle East – The United Arab Emirates - Tax System
Driven by increasingly close political and economic ties, China and the Middle East have entered into a stage of deeper economic and trade cooperation. From the first China-Arab States Summit held in Riyadh, Saudi Arabia in December 2022, to the discussion on "RMB settlement of oil trades", it is evident that Sino-Arab economic relations have risen to a new level. Many of Vistra's Chinese clients have shown enthusiasm for investing into the Middle East story.
?In this issue, we share the local commercial and tax landscape that Chinese enterprises need to be familiar with when expanding to the UAE, towards helping enterprises seize opportunities in the Middle East!
Total Solutions for Global Business Expansion
Vistra offers companies a range of services designed to help get their overseas operations up and running as quickly as possible and in full compliance with all regulations.
?We approach every expansion project on a case-by-case basis, tailoring our solutions to cover nearly everything our clients might run into. From entity formation to local and regional regulations, our experts are fully prepared to act as global advisers. We are your eyes and ears for navigating the complexities of new jurisdictions.
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