The Inland Revenue and Stamp Duty Legislation (Alternative Bond Schemes) (Amendment) Ordinance 2013 was gazetted and came into operation on July 19, 2013 in Hong Kong. It amends the Inland Revenue Ordinance and Stamp Duty Ordinance to provide a taxation framework for Islamic bonds. This is in line with the policy of promoting the development of a market for these bonds.
The new tax measures will apply to qualified bonds issued from 19 July 2013. The relevant Departmental Interpretation and Practice Notes will soon be published by the Inland Revenue Department together with Stamp Office Interpretation and Practice Notes to provide guidance on the implementation of these measures.
