The Inland Revenue (Amendment) (No. 3) Bill 2013 was passed by the Legislative Council on 19 March 2014.
The Bill seeks to provide a tax concession for captive insurers to enjoy a 50% reduction of the profits tax on offshore risk insurance business. It is expected that the development of captive insurance would reinforce Hong Kong's status as a regional insurance hub, while making Hong Kong's risk management services more diversified and promoting the development of other related professional services including reinsurance, accounting, actuarial and legal services.
As proposed in the 2013-14 Budget, the amendment will take effect from the year of assessment 2013/14 onwards.
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