Inland Revenue (Amendment) (Preferential Tax Regimes for Funds, Family-owned Investment Holding Vehicles and Carried Interest) Bill 2026 gazetted
The Government published in the Gazette today (June 12) the Inland Revenue (Amendment) (Preferential Tax Regimes for Funds, Family-owned Investment Holding Vehicles and Carried Interest) Bill 2026 to enhance the preferential tax regimes for privately offered funds, family-owned investment holding vehicles (FIHVs) managed by eligible single family offices and carried interest, with a view to attracting more funds and family offices to establish a presence in Hong Kong.
Photo source: reference image
The Bill covers amendments to the Inland Revenue Ordinance in areas such as: (i) expanding the definition of "fund"; (ii) expanding the scope of qualifying investments; (iii) removing the 5 per cent threshold requirement for incidental transactions; (iv) relaxing the tax exemption treatment for special purpose entities (SPEs) and family-owned SPEs; and (v) introducing a series of enhancement measures to the tax regime for carried interest. The Bill will also introduce, under the unified tax regime for funds, a tax reporting mechanism as well as economic substance requirements similar to those under the tax concession regime for FIHVs.
"Hong Kong is now the world's largest cross-boundary wealth management centre. The National 15th Five-Year Plan clearly supports Hong Kong in continuing to strengthen its functions as an international asset and wealth management (WAM) centre. In this connection, the Government has long been committed to reinforcing our leading position in this area through providing a competitive tax environment. The relevant amendments under the Bill will attract more funds and family offices to set up and operate in Hong Kong, and in turn create new opportunities for Hong Kong's WAM industry. In particular, this would help further attract private credit investment activities in the region, while complementing Hong Kong's development in areas such as digital assets and trading of precious metals and commodities," a spokesperson for the Financial Services and the Treasury Bureau said.
The Bill will be introduced into the Legislative Council for first reading on June 24.
The Legislative Council, Photo by Bastille Post
Hong Kong Customs detects two dangerous drug cases at airport
Hong Kong Customs yesterday (September 15) and today (September 16) detected two drug trafficking cases involving two incoming air passengers at Hong Kong International Airport and seized about 3.5 kilograms of suspected cannabis buds and 1kg of suspected cocaine with a total estimated market value of about $1.45 million.
In the first case, during customs clearance of a 61-year-old Mainland female passenger who arrived in Hong Kong from Bangkok, Thailand, yesterday, Customs officers found the batch of suspected cannabis buds with an estimated market value of about $700,000 from her carry-on suitcase. The woman was subsequently arrested.
In the second case, a 29-year-old Mainland male passenger arrived in Hong Kong from Kuala Lumpur, Malaysia, today. During customs clearance, Customs officers found the batch of suspected cocaine with an estimated market value of about $750,000 in the shoes worn by him. He was subsequently arrested.
Investigation of the first case is ongoing. The arrested person in the second case has been charged with one count of trafficking in a dangerous drug and the case will be brought up at the West Kowloon Magistrates' Courts tomorrow (September 17).
Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not to participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong.
Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.
Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
Members of the public may report any suspected drug trafficking activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs yesterday (September 15) and today (September 16) detected two drug trafficking cases involving two incoming air passengers at Hong Kong International Airport and seized about 3.5 kilograms of suspected cannabis buds and 1kg of suspected cocaine with a total estimated market value of about $1.45 million. Photo shows the suspected cocaine seized in the second case. Source: HKSAR Government Press Releases
Hong Kong Customs yesterday (September 15) and today (September 16) detected two drug trafficking cases involving two incoming air passengers at Hong Kong International Airport and seized about 3.5 kilograms of suspected cannabis buds and 1kg of suspected cocaine with a total estimated market value of about $1.45 million. Photo shows the suspected cocaine concealed inside the shoes in the second case. Source: HKSAR Government Press Releases
Hong Kong Customs yesterday (September 15) and today (September 16) detected two drug trafficking cases involving two incoming air passengers at Hong Kong International Airport and seized about 3.5 kilograms of suspected cannabis buds and 1kg of suspected cocaine with a total estimated market value of about $1.45 million. Photo shows the suspected cannabis buds seized in the first case. Source: HKSAR Government Press Releases
