The Hong Kong Government has announced the publication of the Inland Revenue (Amendment) (No. 4) Bill 2017 in the Official Gazette on 23 June 2017. The Bill provides for the implementation of the 2017-18 Budget measure to extend profits tax exemption to privately offered open-ended fund companies (OFCs) with their central management and control exercised in Hong Kong. An OFC is a collective investment scheme with variable capital set up in the form of a company, but with the flexibility to create and cancel shares for investors' subscription and redemption in the funds, which is currently not enjoyed by conventional companies.
The bill will be introduced in the Legislative Council on 28 June.
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