Hong Kong Family Office Exemption Regime
CPT/CE Eligibility (A Recognized CPT Provider)
| CPT hour(s) | 1 |
| PL (CE) hour(s) | 1 |
| RBV CPD hour(s) | 1 |
Rescheduled
(CODE: 230505LU-CEX)
CFA Society Hong Kong is honoured to partner with KPMG to host this continuing education event themed “Asset Management and Private Equity 2023 Outlook”.
In this session, KPMG will share their views on the Family Office Tax Exemption Regime (“the FO Regime”), provide insight into the tax and regulatory changes, as well as opportunities in the market subsequent to the introduction of the FO Regime. The FO Regime will be applicable to any years of assessment commencing on or after 1 April 2022.
Leveraging on the framework of Unified Funds Exemption, the legislation of the FO Regime provides tax exemption for eligible family-owned investment holding vehicles (“FIHVs”) which are managed by a Single Family Office. FIHVs can also apply to the Inland Revenue Department for advance rulings on their eligibility for the tax concession.
This is a ground-breaking reform for the private wealth and asset management industry in Hong Kong which further strengthens Hong Kong as a regional asset management hub.
KPMG has been working closely with the industry and the Government to push for the FO Regime that will help cement Hong Kong’s position as Asia’s leading asset management hub, attracting family offices to establish or expand operations here.
In this event, we will share with you:
• The framework of the FO Regime, including conditions around eligible Single Family Offices, qualifying transactions, substantial activities requirements, annual reporting mechanism, etc.;
• Key areas to note under the FO Regime such as whether the investment in Hong Kong listed shares should be eligible for tax exemption, the consequences of non-compliance in future years, etc.; and
• Practical examples of Single Family Office structures that could enjoy the tax exemption.
About the Speakers
Mr. Johnson Tee
Tax Director, Hong Kong
KPMG China
Johnson is a Director in the Hong Kong Corporate Tax practice and has 20 years of Hong Kong and Malaysian corporate tax experience. He is in the Hong Kong corporate tax department, specializing in Financial Services.
Johnson has a portfolio of clients in different industries including funds, financial services, trading, manufacturing, etc. His experience includes the preparation of corporate tax returns, responding to tax queries, advising on transactions, etc.
Johnson is a member of the Hong Kong GCMS team and has experience is coordinating regional tax compliance projects. He has also involved in regional compliance, mergers & acquisition and restructuring engagements. He has a wide range of experience in the establishment and structuring of offshore funds, advising on operating protocols for funds, assistance with applying for treaty benefits and advising on the structuring of management fees and carried interest.
Johnson was also seconded to a Canadian pension fund to act as their interim tax director a period of 8 months. During his stint, he was involved in involved in multiple transactions making investments in India, New Zealand and the PRC. His responsibilities also included managing the compliance process for multiple jurisdictions, finalization of transfer pricing documents, establishing operating protocols in India and Hong Kong to manage permanent establishment risk, and advice on establishing economic substance in Hong Kong and Singapore.
Ms. Sandy Fung
Tax Partner, Hong Kong
KPMG China
Sandy is a tax partner in KPMG’s Asset Management group. She has more than 20 years of experience in performing tax structuring and advisory services to alternative investment funds including hedge funds, credit funds, special situation funds, real estate and infrastructure funds, private equity funds, venture capital funds etc. She also has extensive experiences in performing tax due diligence reviews and investment structuring in connection with M&A transactions.
Sandy was an in-house tax advisor for several global Private Equity Funds. She has substantial experiences in implementing the proposed investment, ownership, financing structures and performing restructuring. She has also been focused on advising the potential tax issues that may arise from the Asset Management and the Exit stages.
Sandy provides tax advisory services on investment structures in the Asia Pacific region and cross-border transactions. She advises on all aspects of investment structures, including substance requirements, ownership and holding structures, financing arrangements, debt push down strategies and divestment scenarios. Many of the assignments involve the effective use of double tax treaty and consideration of the potential direct, indirect, withholding taxes, capital and stamp duties etc.
Sandy has extensive experiences in dealing with Hong Kong tax audit cases in fund industries.
Sandy is a Bachelor of the Professional Accountancy in The Chinese University of Hong Kong and a Bachelor of Law in The University of London. She is a Member of the of the Hong Kong Institute of Certified Public Accountants (HKICPA), a fellow of UK Association of the Chartered Certified Accountants, a Member of The Institute of Taxation in Hong Kong, an Associate of the Chartered Governance Institute UK & Ireland, and an Associate of the Hong Kong Chartered Governance Institute (HKCSI).
Mr. Billy Choi, CPA (moderator)
Trader at a global private bank
Continuing Education and Member Services Committee Member
Rating Intermediate – Material presented will have technical elements requiring a working knowledge of the subject to make full use of the presentation.
CFA Societies Global Passport Program
CFA Society Hong Kong has participated in the CFA Societies Global Passport Program which allows CFA society members to enjoy local society member rate at selected events like this luncheon. Members of non-CFA Society Hong Kong CFA Institute societies qualify to attend this event at CFA Society Hong Kong member rates. Please contact CFA Society Hong Kong at events@cfahk.org to register.
Remarks:
1. Registration is only confirmed upon receipt of payment.
2. An additional administrative charge of HK$50 will be charged for participant who registers on the event day.
3. HK$50 walk-in surcharge is imposed on all fees listed.
4. To cope with the growing trend of going cashless, cash and cheque payment is strictly not accepted. Please ensure the online payment is successfully completed, otherwise, the registration may not be processed.
6. A place will be reserved for the registrant upon successful online registration with email notification of registration details.
7. After completing the online registration and payment process, registrants will receive email notifications with registration details. A reminder will also be sent before the event. If you have not received the email notification and reminder from CFA Society Hong Kong, it is the delegate’s responsibility to contact CFA Society Hong Kong to confirm their place.
8. Registrations should be paid in full before the commencement of the event. Immediate payment is required upon email confirmation. Should the registration fee remains outstanding, CFA Society Hong Kong reserves the right to disallow entrance to the event.
9. Full amount will still be charged for no-show or enrolment made after Wednesday, 3rd May 2023.
10. An administration fee HK$50 will be charged for any cancellation of confirmed enrollment made on or before Wednesday, 3rd May 2023. All cancellation requests must be made in writing and be confirmed by email from Society Hong Kong.
11. Refund of the event fee (less an administration fee of HK$50 per person) will be given for cancellation received on/before Wednesday, 3rd May 2023.
– For payment made by credit card, refund will be handled through the bank, please allow 4 to 6 weeks for processing. The amount will be refunded to the paid credit card account.
12. No refund will be given for cancellation received after Wednesday, 3rd May 2023.
13. Substitutions are allowed. Please notify us prior to the event. Non-member rate applies if the substitute is not a CFA Society Hong Kong member.
14. The Society reserves the right to change the venue, date or speaker of the event due to unforeseen circumstances without prior notice.
15. In case of dispute, the decision of CFA Society Hong Kong is final and no further correspondences will be entertained.
16. To be awarded CPT/PL (CE) credit hours, full attendance of all parts of the event is required. No pro-rata credit hours will be awarded.
Event Policy
- A place will be reserved for registrant upon successful online registration with email notification of registration details.
- For attendance-taking purpose, participants’ names and company names (if any) may be given to the speaker of this event.
- The Society reserves the right to change the date or speaker of the event due to unforeseen circumstances without prior notice.
- In case of dispute, the decision of CFA Society Hong Kong is final and no further correspondences will be entertained.
Personal Information Collection Statement
- Your personal data collected from the registration process will be used for the purpose of the administration of the course/event/activity on which you are registered (“Event”). Such data collected may be accessible by CFA Society Hong Kong’s officers, persons or committees processing the application and related matters. CFA Society Hong Kong reserves the right to inspect personal identity of participants. In addition, CFA Society Hong Kong may use the collected data for statistical research and analysis. By submitting this registration form, you understand and agree that CFA Society Hong Kong may provide your personal data to co-organizers/service providers in or outside Hong Kong for the purpose relating to the Event. For more information about the privacy policy of CFA Society Hong Kong, please visit here.
- CFA Society Hong Kong intends to use the personal data (including but not limited to your name, email address(es), mobile number and/or social media) to inform you, where relevant, of members’ benefits, goods, services facilities and events organized or provided by CFA Society Hong Kong or other organizations. Members and registered persons may opt out of receiving such materials at any time by sending an email to CFA Society Hong Kong at info@cfasocietyhongkong.org.
