On 31 May 2016, Hong Kong Inland Revenue published new and revised practice notes to take into account the extension of the profits tax exemption for offshore funds to offshore private equity funds, which was approved in July 2015 (previous coverage).
The Inland Revenue Department today issued the Departmental Interpretation and Practice Notes No. 51 (Profits Tax Exemption for Offshore Private Equity Funds) which sets out the Department’s interpretation and practice in relation to the relevant provisions in the Inland Revenue (Amendment) (No. 2) Ordinance 2015. The amendment ordinance was principally enacted to extend the profits tax exemption for offshore funds to offshore private equity funds. The Departmental Interpretation and Practice Notes No. 43 (Revised) (Profits Tax Exemption for Offshore Funds) has also been updated to reflect the legislative changes brought about by the amendment ordinance.
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