The Hong Kong Inland Revenue Department has Departmental Interpretation and Practice Notes (DIPN) No. 54 on taxation of aircraft leasing activities. DIPN No. 54 covers the tax concession for qualifying aircraft lessors introduced by the 2017 Amendment (No. 3) Ordinance, which includes that a qualifying aircraft lessor is entitled to have its qualifying profits from an aircraft leasing business charged at one-half of the corporate profits tax rate for a year of assessment if an irrevocable election is made and in the year of assessment: The central management and control of the corporation is exercised in Hong Kong (the central...