On 16 December 2016, the Hong Kong Inland Revenue Department published revised guidance on the profits tax consequences of a court-free amalgamation. The guidance covers: Amalgamation with sale of assets of the amalgamating company; Amalgamation without sale of assets of the amalgamating company, which covers the tax treatment of both the amalgamating and amalgamated companies; The utilization of tax losses brought forward, which depends on certain conditions, including: The financial resources test; The trade continuation test; The post entry test; and The same trade; Profits tax return requirements in respect of the amalgamating companies; and The rights and obligations undertaken...