The Hong Kong government has published a press statement in which it welcomes the passage of the Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022. The bill is intended to modify the „Inland Revenue Ordinance“ to attract more investment management business and related services to Hong Kong by exempting certain income derived from Family-owned Investment Holding Vehicles (FIHVs) managed by single family offices (SFOs) from income tax provided that they meet specified conditions. For more information on these conditions, please refer to Event ID 18737.
According to the government, the bill is scheduled to be gazetted on May 19, 2023 which will also be its effective date. The exemption will apply retrospectively to income tax assessments commencing on or after April 1, 2022.
Government welcomes passage of Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022
ID
23189
Other Features
beneficial owner
bills
capital management companies
eligibility
fund management
income tax
Date Published: 2023-05-10
Date Taking Effect: 2023-05-19
Regulatory Framework: Inland Revenue Ordinance
Regulatory Type: information
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