Hong Kong Ramps Up Tax Checks on Private Equity, Venture Funds
Hong Kong authorities are intensifying tax checks of private equity and venture funds as the Asian financial hub faces pressure to plug deficits.
Over the past 12 to 24 months, the Inland Revenue Department has stepped up reviews on management fees and so-called carried interest to managers in Hong Kong. Some tax advisers said they have seen a jump of as much as 50% in funds seeking guidance on how to respond to inquiries from the authorities during that period.
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