The Hong Kong Inland Revenue Department (IRD) has issued a release announcing the approval of the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 on 14 December 2022, which provides for the introduction of a new Foreign-Sourced Income Exemption (FSIE) regime. As previously reported, the new FSIE regime will allow tax exemptions for specified foreign-sourced passive income received in Hong Kong by relevant MNE entities provided that certain exemption condi…