Hong Kong enacted the Inland Revenue (Amendment) (Profits Tax Concessions for Insurance-related Businesses) Bill 2019 (the New Law) on 24 July 2020.1 The New Law provides that the assessable profits in respect of sums received by or accrued to the following specified persons will be taxed at the concessionary tax rate of 8.25% (50% of the normal corporate tax rate of 16.5%):
- Profits derived by a specified insurer2 from their general insurance business, other than profits derived from certain loca…