Hong Kong: Family office tax regime bill passed
Investment profits will be exempted from profits tax when specific conditions are met.
Investment profits will be exempted from profits tax when specific conditions are met.
The Legislative Council on 10 May 2023 passed the bill for the concessionary tax regime for single family offices.
Hong Kong’s new single family office tax regime provides that investment profits will be exempted from profits tax when specific conditions are met.
There is no pre-approval process or application requirement for family offices to benefit from the new tax regime. A self-declaration that the conditions set out under the regime is sufficient to apply for the tax exemption treatment.
The Hong Kong single family office tax regime will apply retrospectively from the year of assessment 2022/2023.
For more information contact a KPMG tax professional:
David Ling | davidxling@kpmg.com
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