Global

Details

  • Service: Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 2/27/2014

Hong Kong - Tax provisions in budget 2014-2015 

February 27:  Hong Kong’s budget 2014-2015, presented 26 February 2014, contains tax proposals that would affect the financial services sector. Among these are measures that would:
  • Provide for legislation to allow private equity funds to enjoy the tax exemption for offshore funds, with a consultation to begin in March 2014 on proposals to introduce an open-ended fund company structure
  • Propose a review of the requirements under the Inland Revenue Ordinance for interest deductions in the taxation of corporate treasury activities and to clarify the criteria for such deductions
  • Allow an additional “iBond” issue of up to HKD 10 billion with a maturity of three years, targeted for Hong Kong residents
  • Waive the stamp duty for the trading of all exchange traded funds

The budget also proposes certain “one-off relief” measures primarily affecting individual taxpayers.


Read reports on the tax provisions posted on a budget 2014-2015 webpage and prepared by the KPMG member firm in Hong Kong.




©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now