Hong Kong financiers press for tax breaks after Singapore unveils rival scheme

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 th

Singapore will exempt fund managers' share of investment profits from tax and create a new work pass track for senior investment professionals as competition with Hong Kong intensifies, the Monetary Authority of Singapore said on Aug. 19.