We are delighted to highlight the achievements of the 2nd session of the SME ESG Charter 2024 Workshops, hosted in collaboration with Dah Sing Bank and the Hong Kong Small and Medium Enterprises Association. Baker Tilly was honored to provide technical support for this essential initiative.

The Hong Kong Government has recently introduced a "patent box" tax regime in Hong Kong, which provides a concessionary profits tax rate of 5% on certain Hong Kong-sourced intellectual property (“IP”) income derived by taxpayers in Hong Kong. This concessionary tax regime applies retrospectively from the year of assessment 2023/24.

We're honored to be invited by Dah Sing Bank and the Hong Kong Small and Medium Enterprises Association as the technical advisors at the "SME ESG Charter 2024 Workshop”. This event focused on empowering SMEs through the adoption of sustainable and responsible business practices.

The global business landscape is shifting towards sustainability as companies increasingly recognise green transition, business ethics, and report transparency. Governments are tightening climate disclosure rules and implementing stricter environmental regulations. This newsletter will introduce “The Stock Exchange of Hong Kong Limited (hereafter the “Exchange” or “HKEX”) ESG Consultation Conclusion Updates” and “Product Eco-responsibility (Amendment) Bill 2023” in Hong Kong.

An overview of the 2023/24 budget speech and its impacts on businesses in Hong Kong.