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 corporations and 7.5% for unincorporated businesses; Assessable profits beyond HKD 2 million - 16.5% for corporations and 15.0% for unincorporated businesses (same as current rates). In order to avoid double benefits, the following are...