The Hong Kong Inland Revenue Department has announced that the Inland Revenue (Amendment) (No. 7) Bill 2018 was approved by the Legislative Council on 20 February 2019. The legislation:
- Aligns the tax treatment of financial instruments with their accounting treatment;
- Allows the deduction of interest expenses payable to overseas export credit agencies;
- Refines the provisions that implement the arrangement for automatic exchange of financial account information in tax matters ("A…