The Hong Kong Inland Revenue Department has announced the publication of a draft bill on profits tax concessions for insurance-related businesses.
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The Government published the Inland Revenue (Amendment) (Profits Tax Concessions for Insurance-related Businesses) Bill 2019 in the Gazette today (December 6).
The Bill seeks to amend the Inland Revenue Ordinance (IRO) (Cap. 112) to reduce profits tax rate by 50 per cent (i.e. 8.25 per cent) for all general reinsurance business of direct in…