Hong Kong should press ahead with its proposed tax break on carried interest, the performance fees earned by hedge fund and private equity managers, after Singapore unveiled a rival tax-exemption scheme, according to industry participants.The bill, submitted to lawmakers in June and expected to come to a vote later this year, has sparked debate in the financial industry. Some participants argue that the exemption is too narrow in scope, while others question the fairness of exempting ultra-wealthy fund managers from tax.Bankers and other financial professionals have voiced concern that traders could relocate to rival jurisdictions offering similar tax incentives if...