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Hong Kong Bill May Hand Tax Exemptions to Local Hedge Funds

(Bloomberg) Hong Kong has proposed widening tax breaks to include hedge and private equity funds that are domiciled in the city in a move market watchers say should encourage more of them to move there.Locally domiciled vehicles that can only be sold to qualified institutions and wealthy individuals — such as hedge and private equity funds — will be eligible for an exemption from a 16.5 percent profits tax for the first time, according to a council brief posted on the website of the city’s legislature. Lawmakers are scheduled to have a first reading of the bill Wednesday, and the government has recommended the change take effect on April 1.

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