21 Nov 2024 Innovate and Thrive: Navigating Hong Kong’s Patent Box Tax Incentive

Nov 2, 2024

The Legislative Council passed the new patent box tax concession on June 26, 2024. This important initiative aims to support corporations in Hong Kong to foster research and development (R&D) activities and creating intellectual property (IP) in our vibrant city.

Under this concession, qualifying income from IP (e.g., patents), including embedded income in the sales price of a product or service, can benefit from a preferential tax rate of just 5%, significantly lower than the standard corporate tax rate of 16.5%. Coupled with enhanced deductions for qualifying R&D expenditures, this concession is one of the vital incentives for businesses to innovate, invest in R&D, and drive the growth in Hong Kong. The speakers shared their insights on leveraging this concession to uncover new business opportunities and enhance your professional growth.

Highlights:

Overview of the New Patent Box Tax Concession

Enhanced Deduction for R&D Expenditures

Practical Tips and Strategies

Speakers:

Ms. Sarah Chan, Partner, Global Business Tax Services, Deloitte China

Mr. Gavin Wai, Patent Attorney, Director, Deloitte China