Other countries
Hong Kong reporting
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 others, to disclose the dividend distributions made to investors according to these 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.
Korean Tax NAV (South Korea)
Individual Income tax exemption on gains from funds investing in foreign listed securities.
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 between 1 January 2016 to 31 December 2017 in qualifying funds will be tax exempted for 10 years.
To determine the portion of qualifying gains that are tax exempt and allow Korean investors to benefit from this capital gain tax exemption, a “Tax NAV” had to be calculated and published on the fund valuation frequency until the end of the exemption regime (ie. 31 December 2017).
We assist asset managers in the calculation of the Korean Tax NAV and the reporting to local tax agents at the fund's valuation frequency (up to daily).
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Christian Heinz
Tax Partner, Global Tax Compliance and Innovation Team Leader, PwC Luxembourg
Tel: +352 621 33 2247
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