Trading firms such as Jane Street and Citadel Securities may be included in reforms being considered by Hong Kong that are set to trigger “big bang” tax cuts for asset managers.
The changes come amid a battle for top-tier financial talent between cities such as Singapore, New York, Miami and Hong Kong. They also mark the Chinese territory’s attempt to boost its global attractiveness as a financial hub after years of stagnation.
Hong Kong authorities are considering amending proposed legislation so that staff of proprietary trading firms do not incur tax on performance-related pay, two people familiar with the process said.
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