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Tax exemption bill gazetted

June 23, 2017

The Inland Revenue (Amendment) (No. 4) Bill 2017 was gazetted today to extend a profits tax exemption to locally-based, privately-offered, open-ended fund companies.

 

The move is one of the initiatives under the 2017-18 Budget.

 

The Financial Services & the Treasury Bureau said the initiative will strengthen Hong Kong's position as an international asset management centre and foster the further development of the financial services industry.

 

Noting this is the first time Hong Kong is granting such an exemption to privately-offered onshore funds, the bureau said it has put a series of anti-tax abuse measures in place.

 

The exemption conditions ensure transactions must be carried out through or arranged by a qualified person in appropriate asset classes.

 

The bill will be tabled in the Legislative Council on June 28.



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