FSDC advocates more competitive tax treatment for family offices

The Financial Services Development Council advocates more competitive tax treatment for family offices, such as expanding the current tax exemption regimes to single family offices.

Other recommendations include applying same tax treatment for investment on personal investment companies as individuals’, and aligning tax treatment for local and overseas family offices.

“The reason why we recommend giving incentives tax incentive to family offices for them to base here is to create social benefit to Hong Kong including job opportunity,” said Rex Ho, FSDC New Business Committee member.

Ho adds that the amount of tax revenue loss of governments as a result of granting tax benefits to family offices may not be substantial.