1、May 2022Asset and Wealth Management in Hong KongTax Recommendations towards Further DevelopmentFSDC Paper No.53ContentsExecutive SummaryIntroduction and overview I.Promoting asset classes that are currently underdeveloped in Hong KongII.Attracting institutional investors by providing a level playing

2、 field in terms of taxation to each type of asset ownersIII.Addressing other deficiencies in the current UTE and OFC regimesConclusionAppendix 1.Key Hong Kong legislative developments relating to the asset and wealth management industry in recent yearsAppendix 2.Various definitions of“infrastructure

3、”Appendix 3.Various definitions of“pension fund”Appendix 4.Various definitions of“endowment fund”Appendix 5.Legal definition of“family office”in various jurisdictions1231218222325293031Executive SummaryHong Kongs asset and wealth management(AWM)industry has prospered over the past years thanks to th

4、e citys unparalleled advantages as an international financial centre,and the collective efforts of the industry and the HKSAR Government.However,the economic and geopolitical changes that have taken place reminds us that Hong Kong should not rest on its laurels.Improvements to the existing tax laws

5、and policies are needed for Hong Kong to retain its competitiveness and cement its position as a leading international AWM hub.The FSDC has formed a dedicated Working Group comprising of tax experts to review the existing tax laws and identify potential measures that can bolster the AWM ecosystem an

6、d industry in Hong Kong,and support the organic growth of asset classes,asset owners,and service providers alike.This paper mainly focuses on the following areas,which are considered as(i)the most pressing issues hindering Hong Kongs further development in AWM,and(ii)the areas which can be addressed