Hong Kong enacted the Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Ordinance 2022 (the New Law) on 22 July 2022.1 It takes retrospective effect and applies to sums received by, or accrued to, qualifying shipping commercial principals on or after 1 April 2022.
Subject to certain anti-avoidance provisions, the New Law provides a dedicated tax concession regime offering tax incentives to qualifying shipping commercial principals (i.e., ship agents, ship m…