|
Asset Management
97. Hong Kong's wealth and asset management business has been growing exponentially. At end-2013, the combined fund management business recorded a year-on-year growth of 27 per cent, exceeding $16 trillion in total.
98. In last year's Budget, I proposed to waive the stamp duty for the transfer of all exchange traded funds (ETF). The relevant amendment ordinance was passed by the Legislative Council (LegCo) and the stamp duty waiver took effect on the 13th of this month. We plan to table a bill in LegCo later to allow private equity funds to enjoy profits tax exemption available to offshore funds. Furthermore, we are formulating legislative proposals to provide the legal framework for introducing an open-ended fund company structure.
99. To attract multinational and Mainland enterprises to establish corporate treasury centres in Hong Kong to perform treasury services for their group companies, we shall amend the Inland Revenue Ordinance to allow, under specified conditions, interest deductions under profits tax for corporate treasury centres and reducing profits tax for specified treasury activities by 50 per cent. The relevant bill will be introduced in the 2015-16 legislative session.
|
|