Hong Kong's Inland Revenue Department has issued a release announcing that the government is strengthening the regime against cross-border tax avoidance with the creation of a new Foreign-sourced Income Exemption (FSIE) regime for passive income. As previously reported, Hong Kong reached consensus with the Code of Conduct Group (Business Taxation) of the EU in June 2022 on a package of proposed refinements meant to address EU concerns and keep Hong Kong from being blacklisted as a non-coope…