13 June 2016 Hong Kong releases new practice notes on offshore private equity funds income exemption Hong Kong's Inland Revenue Department (IRD) has issued a Departmental Interpretation and Practice Notes No. 51, stating how it will interpret certain provisions of the law enacted on July 17, 2015, which became effective as of April 1, 2015, and extended the profits tax exemption for nonresident or offshore funds to cover private equity funds. The exemption provides that the definition of "securities" is amended to include shares and other securities, such as debentures and notes issued by certain overseas private companies, referred to as excepted private companies, or issued by a special purpose vehicle. A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details. Document ID: 2016-1028 |
