The Hong Kong Inland Revenue Department has announced that the Inland Revenue (Profits Tax Exemption for Funds) (Amendment) Bill 2018 was approved by the Legislative Council on 20 February 2019.  The legislation provides for the extension of the profit tax exemption for privately offered offshore funds to privately offered onshore funds in order to resolve ring-fencing issues and avoid being listed as a non-cooperative jurisdiction by the EU. --- The Government welcomed the passage of the Inland Revenue (Profits Tax Exemption for Funds) (Amendment) Bill 2018 by the Legislative Council today (February 20). The Bill provides profits tax exemption for eligible...