Hong Kong Proposes Tax Break for Fund Managers' Bonuses
The Hong Kong government has gazetted a bill that, if enacted, would waive salary tax on performance-linked bonuses for fund managers, provided they meet specific criteria. This legislative effort aims to introduce further tax reforms to bolster the city's standing as a premier wealth management hub. Officials anticipate the measure could draw more fund managers and family offices to establish operations in Hong Kong. The bill is slated for its initial reading by lawmakers on June 24.
The Hong Kong government recently gazetted a new bill proposing a significant tax reform. If passed into law, the legislation would waive salary tax on performance-linked bonuses for fund managers, contingent upon them fulfilling certain requirements.
This initiative is designed to enhance Hong Kong's competitive edge as a leading wealth management center. The government has indicated that the proposed tax break could attract a greater number of fund managers and family offices to establish and expand their operations within the city.
The bill is scheduled for its first reading by lawmakers on June 24, marking an initial step in the legislative process.
According to the South China Morning Post, this move is part of broader efforts to strengthen Hong Kong's financial sector.
