Hedge fund stars spark race to cut taxes in Hong Kong, Singapore

Hong Kong financiers press for tax breaks after Singapore’s challenge

Hong Kong should press ahead with its proposed tax break on carried interest, the performance fees earned by hedge fund and private equity managers, after Singapore unveiled a rival tax-exemption scheme, according to industry participants. The bill, submitted to lawmakers in June and expected to come to a vote later this year, has sparked debate in the financial industry. Some participants argue that the exemption is too narrow in scope, while o…

Hedge fund stars spark race to cut taxes in Hong Kong, Singapore

Singapore and Hong Kong each boast asset management industries worth more than US$5 trillion Read more at The Business Times.