Hong Kong Inland Revenue has published Departmental Interpretation and Practice Notes (DIPN) No. 61 on the provisions in the Inland Revenue (Profits Tax Exemption for Funds) (Amendment) Ordinance 2019. The amendment ordinance, which became effective on 1 April 2019, provided 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 the listing of Hong Kong as a non-cooperative jurisdiction by the EU. With the extension, all funds, regardless of their structure, their central management and control location, their size, or the purpose that they...