The Hong Kong Inland Revenue Department has announced that Inland Revenue Bill (Amendment) (No. 3) 2013 has been enacted. The bill provides a concessionary tax rate of 8.25% on the profits from the business of insuring offshore risks. This rate is half the standard corporate income tax rate of 16.5%.
In order to enjoy the concessionary tax rate, the following conditions must be met:
The tax concession is designed to attract more captive insurers to establish in Hong Kong and applies from the tax year beginning April 1st 2013.
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