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Carried interest tax concessions set to strengthen Hong Kong SAR s private equity industry

Carried interest tax concessions set to strengthen Hong Kong SAR s private equity industry
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New zealandHong kongUniversity of hong kongHong kong generalMichael wongAnthony pakChristopher huiDarren bowdernBig fourHong kong institute of certified public accountantsPartnership fund lawFinancial servicesMonetary authority of singaporeHong kong special administration regionCity university of hong kongHong kong inland revenue department

Zero % Tax for Hong Kong s Carried Interest Tax Concession

Zero % Tax for Hong Kong s Carried Interest Tax Concession
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Hong kongUnited kingdomPartnership fund ordinanceSee the legislative councilRevenue departmentHong kong monetary authorityLimited partnership fund ordinanceHong kong governmentInland revenueTax concessionsCarried interestInland revenue ordinanceInland revenue departmentFutures ordinanceLimited partnership fundBase erosion

DIPN 61: Guidance On The New Unified Funds Tax Exemption For OFCs And Limited Partnership Funds - Finance and Banking

Unified Funds Tax Exemption Ordinance ) and sets outs intended IRD practice in administering the Unified Funds Tax Exemption which came into effect on April 1, 2019. The Unified Funds Tax Exemption The Unified Funds Tax Exemption seeks to exempt hedge funds, including OFCs and LPFs, from Hong Kong profits tax. This exemption may apply regardless of the fund structure, location of the fund s central management and control, fund size or fund purpose provided that prescribed conditions are satisfied. Unlike the Offshore Funds Exemption, there is no longer a bias against Hong Kong. Firstly, there is no longer any need to artificially maintain fund management and control overseas.

Hong kongFund companiesFund structuresRestrictions on investments in private companiesFund under unified funds taxRevenue departmentHolding period testInland revenuePractice noteFunds taxTax exemptionFunds tax exemptionUnified funds exemptionInland revenue departmentDepartmental interpretationPractice notes

Hong Kong SAR IRD issues guidance on HKFRS 15: Revenue from Contracts with Customers

The adoption of HKFRS 15 is likely to lead to significant changes for revenue recognition The Inland Revenue Department (IRD) issued an updated guidance Departmental Interpretation and Practice Notes No. 1 (DIPN 1) on: (a) computing assessable profits; (b) revenue recognition under HKFRS 15: Revenue from Contracts with Customers; and (c) measurement of inventories or stock. The updated guidance primarily sets out the IRD’s views and assessing practice under HKFRS 15, and contains examples illustrating the accounting and tax treatments; and the stock valuation methods for tax purposes. Part A: Computation of assessable profits The updated DIPN 1 outlines the core principles for computing assessable profits on revenue derived from customer contracts under HKFRS 15. In particular:

Hong kongLewis luJohn timpanyEuromoney institutional investorRevenue departmentInland revenue departmentDepartmental interpretationPractice notesNice cheerPrivacy policyInstitutional investorஹாங் காங்லெவிஸ் லுவருவாய் துறைஉள்நாட்டு வருவாய் துறைதுறை சார்ந்த விளக்கம்