ASIAN REGULATORY ROUND UP – HK GOVERNMENT REMOVES PREFERENTIAL TAX TREATMENT FOR OFFSHORE FUNDS
November 1st, 2018
THE HONG Kong government has responded to European Union (EU) concerns that its tax system unfairly benefits offshore investment funds by offering them profits tax exemptions. HK is proposing these breaks also apply to onshore funds. The EU had identified these offshore rights as a potentially harmful tax practice, threatening to add HK on its list of non-cooperative tax jurisdictions, potentially sparking financial sanctions. As a result, the HK government has proposed an Inland Revenue (Profits Tax Exemption for Funds) (Amendment) Bill 2018 mandating profits ...
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