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 ({News-2015-07-16/A/2- previous coverage}).
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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 pract…