The Hong Kong Inland Revenue Department (IRD) has announced the Exemption from Salaries Tax and Profits Tax (Anti-epidemic Fund) Order, which came into operation on 29 May 2020. The IRD has also published guidance on the application of the Order, which includes the following main information regarding profits tax: Profits tax—tax exemption The Exemption Order exempts businesses from the payment of profits tax in respect of grants, subsidies or other financial assistance provided under AEF programmes.  The exemption, however, does not apply to sums (other than sums paid on a matching arrangement) that are ordinary trading receipts arising in or derived...