Other countries
Hong Kong
Distribution breakdown reporting
As per the FAQ issued by the Securities and Futures Commission (SFC) on the Code on Unit Trusts and Mutual Funds, foreign funds are required, among other requirements, to disclose the dividend distributions made to investors with the composition between two categories:
Dividend paid out of the net distributable income
Dividend paid out of capital
We assist asset managers in the preparation of the distribution report in accordance with the SFC requirements.
South Korea
Individual Income tax exemption on gains from funds investing in foreign listed securities - Korean Tax NAV
In 2015, the South Korean Government amended the Korean Individual Income Tax Act ("IITA") by introducing a temporary favorable tax regime applicable to South Korean investors buying shares of investment funds investing at least 60% of their assets in listed securities traded in foreign stock exchanges. ("Qualifying funds").
Under the provisions of the reform, capital gains (and losses) earned by individual Korean investors arising from investments made from 1 January 2016 to 31 December 2017 in qualifying funds will be tax exempted for 10 years from the date of the investment.
To determine the portion of qualifying gains that are tax exempt and allow Korean investors to benefit from this capital gain tax exemption, the asset managers should calculate and publish a "Tax NAV" at the fund valuation frequency until the end of the exemption regime (ie. 31 December 2017).We assist them in performing this tasks.
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