Last year Tsang announcing a range of sweeteners to stimulate economic growth, including a measure to allow private equity funds to enjoy the same tax exemption as offshore funds.
While these have yet to come into force, Tsang reiterated his support for this scheme and pledged to drive legislation through.
He said, “In last year’s Budget, I proposed to allow private equity funds also to enjoy tax exemption for offshore funds to attract them to expand their business in Hong Kong. We have completed an industry consultation and shall take forward the legislative work as soon as possible. As for my proposal on introducing an open-ended fund company structure to attract more funds to establish in Hong Kong, relevant regulatory frameworks have been drawn up and consultation will begin next month.”
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