On 21 March 2018, the Hong Kong Legislative Council passed the Inland Revenue (Amendment) (No. 7) Bill 2017 in its third reading. As passed, the bill provides for the introduction of a two-tiered profits tax rate regime for corporations and unincorporated businesses for any year of assessment commencing on or after 1 April 2018 as follows:

• Assessable profits up to HKD 2 million - 8.25% for cor…