On 8 January 2014 legislation was introduced into the Legislative Council to provide a profits tax concession to captive insurance companies for profits from their business of insurance of offshore risks. These profits are to be chargeable to profits tax at at 8.25%, which is one-half of the normal rate.
The tax concession will be effective for years of assessment from 2013-14 subject to the Bill being passed by the Legislative Council.
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