The Inland Revenue (Amendment) (No.2) Bill 2017 to give profits tax concessions to qualified aircraft lessors and aircraft leasing managers was gazetted today.
Secretary for Transport & Housing Prof Anthony Cheung said the growth of the civil aviation industry in Asia is particularly noticeable, driving the demand for aircraft leasing in the region in the long run.
"Our legislative proposal will strengthen the development of offshore aircraft leasing activities in Hong Kong, thereby generating demand for the financial and other professional services. This would be conducive to enhancing the status of Hong Kong as an international financial centre and the soft power of Hong Kong in being an international aviation hub."
The bill contains anti-avoidance provisions to ensure the proposal is consistent with international standards to combat tax base erosion and profit shifting.
It will be tabled at the Legislative Council on March 22.