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Hong Kong approves tax concession bill to attract FOs

Hong Kong’s legislative body on Wednesday passed the much-anticipated tax concession bill, which will offer a tax exemption for qualifying transactions made by eligible single-family offices (SFOs), to foster the city’s position as an international wealth management hub. Officially named “The Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022,” it exempts a Family-owned Investment Holding Vehicle…

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