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ADVERTORIAL
ISSUE 3
Asia Briefing from Dezan Shira & Associates
Hong Kong’s new Patent box regime will introduce a 5% tax concession for qualified IP income The Patent Box Regime covers patents, copyrighted software and new plant variety rights. Eligible IPs registered worldwide can benefit from the patent box tax incentives when their related profits are sourced in Hong Kong. Taxpayers must develop eligible IPs themselves. Profits eligible for the concessionary tax rate may be reduced proportionally if R&D involves acquiring other IPs or outsourcing part of the activities. Enterprises must register their inventions or new plant varieties locally to enjoy the patent box tax incentive. This requirement takes effect two years after the incentive’s implementation, i.e., July 5, 2026. As the Amendment Ordinance takes effect, taxpayers can apply for the patent box tax incentive starting from the year of assessment 2023/24.
A breakthrough in cross-border payments will overhaul how people in Singapore send money to four key Asian countries - India, Malaysia, the Philippines and Thailand - using their mobile phones. This revolutionary system is called the Nexus Scheme. It is set to simplify and expedite cross- border transactions, making them faster and cheaper and to improve security. Cross-border payments in the country initially relied on traditional methods leading to slow, costly, and cumbersome transactions. The Monetary Authority of Singapore (MAS) and several financial institutions have pioneered solutions to address these challenges and now Singaporeans will benefit from more efficient and secure payments.
Read Dezan Shira’s China Briefing to learn more.
Further information is available from Dezan Shira’s ASEAN Briefing .
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