Friday, 10 June 2016

Hong Kong Updates- Tax

Hong Kong’s Inland Revenue Department has issued a Departmental Interpretation and Practice Note (number 51) regarding profits tax exemption for offshore funds.

The original legislation was the Revenue (Profits Tax Exemption for Offshore Funds) Ordinance of 2006, which provided a profits tax exemption, while the Inland Revenue (Amendment) (No. 2) Ordinance of 2015 was enacted to extend this exemption to offshore private equity funds. The Practice Note sets out the IRD’s interpretation and practice in relation to the 2015 Ordinance.   

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