Hong Kong profit tax: Breakthrough
The move to extend the profit tax exemption for offshore funds in Hong Kong to include private equity has been more than two years in the making. After various lobbying efforts, plans to extend the exemption – already enjoyed by the hedge fund industry – were announced in 2013 and reaffirmed in 2014. Last week the required amendment to the Inland Revenue Ordinance came into force.
Although few were surprised by the announcement, the small print makes for interesting reading. It suggests the Hong Kong government has taken on board representations made by various industry groups and...
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