Hong Kong Report Published Recommending Introduction of Group Loss Relief

The Hong Kong Government has announced the release of a report from the Financial Services Development Council that proposes the introduction a group tax loss transfer regime in Hong Kong that would allow for unutilized tax losses of a group company to be transferred and set off against the taxable income of another company within the same corporate group. The key features of the loss transfer regime proposed in the report include:

• Companies within a wholly owned group (including Hong Kong …