Overview
It is common for Hong Kong asset management industry to incorporate funds in offshore jurisdictions such as the Cayman Islands, the British Virgin Islands and Bermuda. In response to the work of EU and OECD on fair taxation, these offshore jurisdictions have enacted the Economic Substance (“ES”) Laws which was effective 1 January 2019. The new ES Laws have settled some tax issues but at the same time have created more controversies.
This seminar examines the main provisions of the new ES Laws and highlight their impacts on profits tax and tax audit.
Objective
By the end of the seminar, participants will be able to understand the impact of the Economic Substance Laws in certain offshore jurisdictions on the banking, insurance and fund management sector.
Content Highlight
‧ The overview of the new Economic Substance (“ES”) Laws
‧ The Impact on the Relevant Entities
‧ The Obligation and Consequences of Non-compliance
Who Should Attend
The seminar is primarily targeted to fund managers, asset managers and investors who would like to have a better understanding of the Economic Substance Laws impacting entities in these relevant offshore jurisdictions.
Instructor / Speaker
Wilson CHENG
Wilson regularly contributes tax technical articles to newspapers and technical journals and is a frequent speaker at tax seminars organized by various professional bodies in Hong Kong. He also serves as the Committee Member of Association of Chartered Certified Accountants (ACCA) Hong Kong from 2018/19 onwards and is the co-chairman of the taxation sub-committee of ACCA Hong Kong. From 2012/13 to 2015/16, he was the Council Member of the Taxation Institute of Hong Kong and was the founding organiser of CTA Conference in Hong Kong.