The Hong Kong Inland Revenue Department has published a government release in response to Hong Kong's inclusion in the EU non-cooperative jurisdiction grey list on 5 October 2021, noting that Hong Kong is committed to implementing measures in 2023 to address EU concerns. The grey list (annex II of the EU Council Conclusions) contains jurisdictions that have committed to taking certain actions to address EU concerns and avoid being listed as non-cooperative (annex I). For Hong Kong, this includes a commitment to introduce amendments targeting corporations with no substantial activity in Hong Kong that make use of passive income to...