Hong Kong Excludes Proprietary Traders From Sweeping Tax Break Plan
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Hong Kong. Photo: VCG
Hong Kong has clarified that proprietary trading businesses will not be eligible for a proposed tax exemption on performance-based pay, pushing back against a media report suggesting otherwise.
The Financial Services and the Treasury Bureau said Wednesday that such businesses do not meet the legal definition of a fund.
The proposed legislation aims to broaden tax exemptions for investment funds and family offices to bolster Hong Kong’s competitiveness against regional rival Singapore.
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