The Inland Revenue (Amendment) (Ship Leasing Tax Concessions) Ordinance 2020 (“Amendment Ordinance”) was gazetted on 19 June 2020 to provide tax concessions to qualifying ship lessors and qualifying ship leasing managers conducting business in Hong Kong.

At this stage, it is still uncertain when the COVID-19 pandemic would come to an end.  Employers should review on the tax impact brought by different emergency workplace arrangements, such as workplace closure, mandatory self-quarantine, cancellation or postponement of international assignments.

On 29 March 2018, the Inland Revenue (Amendment) (No.3) Ordinance 2018 was gazetted to implement the two-tiered profits tax rates regime proposed by the Chief Executive. The two-tiered profits tax rates regime applies to both corporations and unincorporated businesses in any year of assessment commencing on or after 1 April 2018.