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Tax concessions for certain shipping-related activities proposed
On 15 June 2022, the Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Bill 2022 (the Bill) will be introduced to the Legislative Council for the first and second readings. The Bill seeks to introduce a dedicated tax concession regime offering tax incentives to qualifying shipping commercial principals, i.e., ship agents, ship managers and ship brokers in Hong Kong. The legislative framework of the proposed tax concession regime is outlined and discussed in this alert.
Clients who have any views or comments on the Bill can relate the same to their tax professionals who will convey their thoughts to the Government in an appropriate manner.