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ARTICLE · 07 MARCH 2011

The Inland Revenue (Amendment) (No. 2) Bill 2011

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The Inland Revenue (Amendment) (No. 2) Bill 2011 (the "Bill") was gazetted on 25 February 2011.

Hong KongIntellectual Property
Kenny Wong
Kenny Wong
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Originally published March 7, 2011

Keywords: Inland Revenue, Bill 2011, Hong Kong, budget, intellectual property rights

Summary

The Inland Revenue (Amendment) (No. 2) Bill 2011 (the "Bill") was gazetted on 25 February 2011. Major changes proposed by the Bill include (i) providing tax deduction for capital expenditure incurred on the purchase of a copyright, registered design and registered trade mark; (ii) modifying existing provisions for deduction of capital expenditure incurred on the purchase of patent rights and rights to any know-how; and (iii) removing the requirement for "use in Hong Kong" condition.

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Background

It was announced in the 2010-11 Budget delivered on 24 February 2010 that the Hong Kong Government aims to promote the wider application of intellectual property rights by enterprises and encourage the development of creative industries in Hong Kong.

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