Hong Kong enacted the Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Ordinance 2022 (the New Law) on 22 July 2022.¹ It takes retrospective effect and applies to sums received by, or accrued to, qualifying shipping commercial principals on or after 1 April 2022.

Subject to certain anti-avoidance provisions, the New Law provides a dedicated tax concession re…