The Hong Kong government on December 6 published a bill proposing to reduce the profits tax rate to 8.25 percent for all general reinsurance business of direct insurers, selected general insurance business of direct insurers, and selected insurance brokerage business.
“The bill will implement the policy initiative in the 2018 Policy Address and the 2019-20 Budget speech respectively of providing tax relief to promote the development of marine insurance and the underwriting of specialty risks in Hong Kong. This policy initiative will also support and enhance the development of high value-added maritime services,” a spokesman for the Financial Services and the Treasury Bureau said.
The tax concession bill will be introduced into Hong Kong’s Legislative Council for its first reading on December 18, the Inland Revenue Department said.
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