PRESS RELEASE

(Source : Information Services Department)

Inland Revenue (Amendment) (No.2) Bill 2017 gazetted

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     The Government published in the Gazette today (March 10) the Inland Revenue (Amendment) (No.2) Bill 2017, which aims to give profits tax concessions to qualifying aircraft lessors and qualifying aircraft leasing managers.

     The Secretary for Transport and Housing, Professor Anthony Cheung Bing-leung, said, "Civil aviation is a long-term growth business. Growth of the civil aviation industry in Asia is particularly noticeable, which in turn drives the demand for aircraft leasing in the region in the long run.

     "Our legislative proposal will strengthen the development of offshore aircraft leasing activities in Hong Kong, thereby generating demand for the financial and other professional services. This would be conducive to enhancing the status of Hong Kong as an international financial centre and the soft power of Hong Kong in being an international aviation hub."

     The Bill contains relevant anti-avoidance provisions to ensure that the proposal is consistent with the international standards to combat base erosion and profit shifting.

     The Bill will be introduced into the Legislative Council for first reading on March 22, 2017.

Ends/Friday, March 10, 2017
Issued at HKT 12:05

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