Impact of the New Economic Substance Law on Offshore Asset Management
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.
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.
‧ 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.
Financial Incentive Scheme of the WAM Pilot Programme
Eligible in-service practitioners of the financial services industry could apply for reimbursement of 80% of the course fees, subject to a maximum of HK$7,000 (whichever is lower) upon satisfactory completion of a course / seminar / conference over the three-year period of the Scheme.
Each individual may apply for reimbursement for more than one course / seminar / conference.
Application to reimburse the course fees, together with the required documents, must be submitted within four months from the last day of the course / seminar / conference attended. Please refer to the WAM Pilot Programme website for more details.
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.