Following the announcement, a briefing paper was presented to the Legislative Council outlining a proposed dedicated tax regime to implement the tax concessions.
To attract aircraft leasing businesses to locate in Hong Kong, the Government has proposed the following provisions:
The tax regime will be subject to anti-abuse provisions comprising the following features:
The proposal will be effected through amendments to the Inland Revenue Ordinance and the relevant legislative bill will be submitted before the Legislative Council in April this year.
If you wish to speak to someone in relation to this, please contact John Hannigan or your usual EY contact.