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HK boosts offshore status with exchanges

Tuesday 22 February 2011 – by Nicola York

The Hong Kong Securities and Futures Commission has launched a consultation on proposals to expand the list of regulated local and overseas exchanges in a bid to boost the region’s status as an offshore financial centre.

A further nine stock and futures exchanges will be added to the list, as part of the government’s plans to offer tax exemptions to offshore funds which are engaged in futures trading.

Among the exchanges the SFC is proposing to add are the Shanghai Futures Exchange, the Multi Commodity Exchange of India and the National Commodity & Derivatives Exchange.

SFC chief executive officer Martin Wheatley said: “These are technical amendments to add nine exchanges for the purposes of facilitating the development of Hong Kong as an international financial centre in general, and an asset management centre in particular, by expanding tax exemptions under the Inland Revenue Ordinance for offshore funds engaged in futures trading.

“The SFC is also taking this opportunity to update the names of several of the exchanges in the lists.”

Related articles:
World Bank questions big bank benefits
IRS targets international tax evasion
UK offshore tax evaders face 200% fine
Swiss banker to reveal offshore secrets
Offshore hedge bosses ‘missed dangers’



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