The Hong Kong Legislative Council has passed a measure that will reduce profits tax on several insurance businesses, a move that seeks to grow the insurance sector by stimulating investment.
The Inland Revenue (Amendment) (Profits Tax Concessions for Insurance-related Businesses) Bill 2019 was passed by the lawmaking body on July 15. Once in effect, the law will institute a tax rate of 8.25%, cutting by half the profits tax rate for all general reinsurance business of direct insurers, selected general insurance business of direct insurers, as well as selected insurance broking businesses.
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