Opalesque Industry Update – The Chinese government’s renewed efforts to collect taxes has fund managers saying this could lead to rising cost in doing business in the region, particularly for global fund managers running international portfolios for mainland institutions.
Many fund executives from Singapore and Hong Kong said Beijing has required them to pay business and income taxes if their firms are classified as a “permanent establishment,” reported Asian Investor. The managers said it is the first time Chinese tax authorities have asked them to pay said taxes.
