Hong Kong gazetted the Inland Revenue (Amendment) (Ship leasing tax concessions) Bill 2020 (the New Law)1 on 19 June 2020, which seeks to attract ship leasing and ship leasing management businesses to Hong Kong.
The New Law applies retrospectively to transactions occurring on or after 1 April 2020.
This Alert summarizes the key provisions of the tax concessions.
Summary of tax concessions
- The tax rate on the qualifying profits of qualifying ship lessors derived from a qualifying ship leasing ac…