As an international financial centre, the Hong Kong government has always wanted to attract more family offices to operate business.
This can be evident from the circular on licensing obligations of family offices issued by the SFC (7 January 2020) to the recent introduction of the tax concession focusing on family offices as from May 2023.
The new tax concession includes:
1.) profits tax concession at a rate of 0% for family-owned purpose investment holding vehicles; and
2.) profits tax concession at a rate of 0% for family-owned special purpose entities.
What does this mean for tax practitioners and legal professionals in the finance industry, and how does this affect clients?
We believe this will be a great opportunity for professionals from different industries to get a better insight of this new tax development.
Followed by drinks and some snacks.
Eu-Kim Chan, Director, Alvarez & Marsal Asia Limited
Iris Sin, Senior Associate, Alvarez & Marsal Asia Limited
Lucas Ting, Senior Tax Advisor, HKWJ Tax Law & Partners Limited & Chair of YIN Hong Kong