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Consultation on enhancing aircraft leasing preferential tax regime launched
In 2017, Hong Kong introduced an aircraft leasing preferential tax regime to provide half-rate tax concessions to qualifying aircraft lessors and qualifying aircraft leasing managers in Hong Kong (the Regime).
Chief Executive John Lee has already indicated in his 2022 Policy Address that the Regime will be further enhanced to develop Hong Kong into a preferred location for aircraft leasing in the region.
On 22 November 2022, the Transport and Logistics Bureau and the Inland Revenue Department (IRD) jointly issued a trade consultation paper proposing certain measures to enhance the attractiveness of the Regime. Views of industry players are sought to ensure the practicality and applicability of the proposals.
This tax alert summarizes the proposed enhancement measures and our comments thereon. Clients who have any thoughts or questions on the proposals can contact their tax executives.