The amended Inland Revenue bill (No.3) 2013 has been gazetted by the Hong Kong Government, aiming to reduce by half the profits tax on captive insurers, and to increase the deduction ceiling for retirement scheme contributions by employees or self-employed persons.
The Bill would cut down by half the profits tax on the offshore risks insurance business of captive insurers that are set up to underwrite the risks of companies within the same group to which the captive insurers belong. The tax rebate measure will come into effect from the year of assessment 2013-14. The Bill will be presented to the Legislative Council for first reading on January 8, 2014.
