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The bill for the patent box tax incentive to be enacted into law
On 26 June 2024, the Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Bill 20241 (the Bill) passed its third reading in the Legislative Council. The Bill, as passed, is expected to be gazetted on 5 July 2024 and formally becomes law (the new law). The new law, generally referred to as a patent box tax incentive, will apply retrospectively commencing from the year of assessment 2023/24.
This alert summarizes the key features of the patent box tax incentive and the major clarifications made by the government during the legislative process.
Clients who wish to explore how they can benefit from the patent box tax incentive can contact their tax executives.