Long awaited legislative changes that will exempt funds based in Hong Kong from profits tax are unlikely to be finalised before lawmakers retire for the summer recess, it has emerged.
"We have received a lot of views from chambers of commerce, the legal profession, as well as the fund management industry, so we are going to take some time to work out this consultation in order to make the necessary legislative amendments," commented Hong Kong’s Secretary for Financial Services and the Treasury, Frederick Ma, according to reports.
The government of the SAR undertook a month-long consultation exercise to canvass the opinions of the industry in January. However, proposals presented by the government in February were heavily criticised by firms in the funds sector as too costly and bureaucratic, and likely to deter new funds from setting up in the city.
One of the strongest objections was voiced by Association of Chartered Certified Accountants Hong Kong (ACCA HK), and related to a proposal which stipulated that the interest of non-resident persons in the relevant entity should not be below 80%, a provision ACCA HK labelled as too “stringent and unreasonable”.
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