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[Xu Zhengyu: Hong Kong Authorities Propose To Expand Eligible Asset Categories To Virtual Assets, Etc., So That Such Transactions Can Be Exempted From Profit Tax] According To The Financial Industry, On October 21, Hong Kong Financial Services And The Treasury Bureau Director Xu Zhengyu Said In His Blog "Treasury Theory" That The Government Plans To Optimize The Current Tax Incentives Provided To The Asset And Wealth Management Industry In Many Aspects, And Strive To Expand The Market To A Higher Level. In Terms Of Expanding Eligible Asset Categories, Xu Zhengyu Said That The Authorities Proposed To Expand Eligible Asset Categories, In Line With The Overall Financial Development Strategy Of The Treasury Bureau, To Add Carbon Emission Derivatives/emission Limits, Insurance-linked Securities, Loans And Private Debt Investments And Virtual Assets, Etc., So That Transactions In Such Assets Can Also Be Exempted From Profit Tax. On The Other Hand, It Is Recommended That Anyone Who Operates Financial Institution Business, Insurance Business Or Money Lending Business In Hong Kong, If He Holds A 10% Or More Beneficial Interest In The Fund At The Same Time, Will Be Deemed To Have Obtained Taxable Profits From The Income From Loans Or Private Debt Investments For The Fund. If The Fund Is An Associate Of That Person, Any Percentage Of Beneficial Interest Applies. In The Next Step, The Finance And Treasury Bureau Will Issue A Consultation Document On The Overall Recommendations. After Collecting And Analyzing Opinions, It Will Propose Relevant Legal Amendments To Implement Various Optimizations To Add Further Impetus To The Development Of The Industry
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