Bill for enhancing aircraft leasing preferential tax regime gazetted

The bill proposes to implement the commitment made by the Chief Executive of the Hong Kong Special Administrative Region, John Lee, in his 2022 Policy Address to enhance the existing aircraft preferential tax regime to make Hong Kong a preferred location for aircraft leasing in the region. 

The enhancement measures proposed in the bill previously discussed in detail in a trade consultation paper issued by the government soon after the 2022 Policy Address have received wide support from the industry.

This alert discusses the enhancement measures contained in the bill as well as those that have already been implemented via administrative practice of the Inland Revenue Department (IRD). 

Clients who wish to explore how they can benefit from these enhancement measures can contact their tax executive.