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The Financial Services and the Treasury Bureau ("FSTB") issued the Consultation Paper on Exemption of Offshore Funds from Profits Tax ("Consultation Paper") on 14 January 2004 seeking the industry and public views on the proposed amendments.
We have submitted a letter to the FSTB setting out our firm's views on the draft law. Our letter explains our thoughts on why the proposed new law will not boost the fund management industry in Hong Kong. We have suggested that consideration should be given to granting a blanket exemption from Hong Kong profits tax to genuine and bona-fide offshore funds that are managed in Hong Kong or are advised by an Securities and Futures Commission approved investment adviser. The appendices to our letter set out our detailed comments from the practical and technical aspects on the proposed new law.
Get Your Copy Here
Read more by downloading our First Consultation on the Proposed Exemption of Offshore Funds From Hong Kong Profits Tax (pdf file, 330KB) for your reference. |
