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Hong Kong Tax Controversy Insight 2023 Issue No. 1 - Bank interest income exemption and related controversial issues
Interest income derived by non-financial institutions from deposits placed with authorized institutions in Hong Kong is exempt from Profits Tax according to the Exemption from Profits Tax (Interest Income) Order 1998 (the Order), subject to a few restrictions. In this insight, we will discuss requirement for exemption under the Order and the related controversial issues, which might be raised by the Inland Revenue Department (IRD) regarding the exemption claim.