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Proposed family office tax concession regime - Further enhancing the tax attractiveness of Hong Kong as a family office hub
On 8 March 2022, the Government published its highly anticipated consultation proposal to introduce a dedicated tax concession regime (“proposed regime”) for family-owned investment holding vehicles (FIHVs) managed by single-family offices (SFOs) in Hong Kong.
Subject to satisfying the requirements under the proposed regime, an FIHV would be exempted from profits tax in respect of its assessable profits earned from qualifying transactions carried out or arranged by an SFO in Hong Kong, including, subject to the 5% threshold, profits earned incidental to the qualifying transactions.
It is anticipated that the legislation to implement the proposed regime will be introduced soon, applying retrospectively to any year of assessment commencing on or after 1 April 2022.
This Hong Kong Tax alert outlines the key qualifying conditions under the proposed regime and our comments thereon. Clients who wish to express their views on the proposed regime can contact their tax executives so that we can address their issues or relay their views to the Government in an appropriate manner.
Download this Hong Kong Tax Alert（繁體中文）
Download this Hong Kong Tax Alert（简体中文）