The Hong Kong Inland Revenue Department has announced the publication of the Inland Revenue (Amendment) (No. 2) Ordinance 2018 in the Official Gazette on 29 March 2018. The Ordinance provides for the implementation of the 2017-18 Budget measure to extend a 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 Ordinance will come into operation later this year at the same time as the OFC regime on a date to be appointed by notice published in the Gazette.
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