The Hong Kong Inland Revenue Department has issued Departmental Interpretation and Practice Notes (DIPN) No. 63, which sets out the Department's interpretation and practice in relation to (a) court-free amalgamations and (b) transfer or succession of assets without sale under certain circumstances after the enactment of the Inland Revenue (Amendment) (Miscellaneous Provisions) Ordinance 2021. The introduction and background provided in DIPN No. 63 are as follows:
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PART A: QUALIFYING AM…