The Hong Kong Inland Revenue Department has announced the approval of the Revenue (Tax Concessions) Bill 2021 and the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 by the Legislative Council on 28 April 2021. The bills provide for: A reduction in the profits tax for the year of assessment 2020/21 by 100%, subject to a ceiling of HKD 10,000 (also applies for salaries tax and tax under personal assessment); and The introduction of tax concessions for carried interest distributed by eligible private equity (PE) funds operating in Hong Kong, including a 0% profits tax rate and a...