The US Tax Reform: How Will it Affect Multinationals Operating in Hong Kong and China?

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The US Tax Reform: How Will it Affect Multinationals Operating in Hong Kong and China?

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On 22 December 2017, the President of the United States signed into law, a bill originally introduced in the House of Representatives as the “Tax Cuts and Jobs Act” (H.R. 1). The law change represents the most comprehensive overhaul of the US tax system in more than 30 years and is expected to impact all types of US taxpayers, including non-US groups with US operations, as well as US multinationals.

Some of the notable corporate tax provisions include:

- The reduction of the top corporate tax rate from 35% to 21%.
- Deemed intangible income earned from exports (i.e., goods, services, royalties, rents) will be subject to a favourable 13.125% tax rate.
- Introduction of a new dividend exemption system for certain foreign source dividends paid to US shareholders.
- New controlled foreign corporation (CFC) rule targeting global intangible low-taxed income (GILTI), which is defined as income earned by CFCs above a routine 10% return on tangible assets.
- New base erosion anti-abuse minimum tax potentially limiting the deductibility of related party payments.
- Interest expense deduction limitation, capped at 30% of adjusted taxable income (defined as tax EBITDA until 31 December 2021, then tax EBIT thereafter).
- Mandatory one-time transition tax on foreign subsidiaries’ unrepatriated earnings at 15.5% for earnings held in cash and 8% for all other earnings.

Join us as we discuss how the new tax law changes will affect US multinationals with Hong Kong & China subsidiaries as well as Hong Kong & China parented multinational groups that have US operations.


About the speaker

Christine Jones is a Senior Manager with EY’s International Tax Services practice.  Christine is based in Hong Kong and serves on the US Tax Desk as part of the Asia Pacific Global Tax Desk network.  Prior to joining the US Tax Desk, Christine was based in Atlanta advising US multinational clients on international tax matters.

With more than 12 years of accounting experience, Christine has served as an advisor for a multitude of multinational companies, including large public companies and midsized private companies.  Her experience has included advising clients on international tax planning matters, including cross border transactions, due diligence, post-merger integration, attribute analysis (e.g., US earnings and profits (E&P), stock basis, foreign tax credits, etc.), modeling supporting transaction-based planning, repatriation strategies, foreign tax credit planning, Subpart F planning, international tax compliance, and international tax accounting.  Her clients have covered various industries, including consumer products and retail, manufacturing, credit and business services, technology, energy, pharmaceutical, and real estate.

Member $ 400.00 HKD
Non-Member $ 470.00 HKD
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  • Please make cheques payable to: "The British Chamber of Commerce in Hong Kong" & send it to Room 1201 Emperor Group Centre, 288 Hennessy Road, Hong Kong

The US Tax Reform: How Will it Affect Multinationals Operating in Hong Kong and China?

Tue, March 13, 2018
08:00 AM - 09:15 AM

Christine Jones, Senior Manager, US Tax Desk, EY

Victoria Suite, The Hong Kong Club, 1 Jackson Road, Central. Hosted by Andrew Seaton
Contact Person:
Yammie Yuen
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