The Hong Kong government’s procrastination in axeing a tax on the profits of offshore funds is driving many hedge funds and asset managers to the rival jurisdiction of Singapore, according to fund service professionals in the territory.
Whilst former SAR Finance Secretary Antony Leung pledged to amend the Inland Revenue Ordinance in March last year, new legislation has yet to be forthcoming, and uncertainty over the issue remains a serious source of concern for investment managers in the city, according to reports.
Under the current regime, funds are categorised as being ‘offshore’ only if their managers are not seen to be making investment decisions within Hong Kong. To circumvent this situation, managers act in an advisory capacity to funds based in other offshore jurisdictions such as the Cayman Islands, Mauritius, and Bermuda.
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