The Hong Kong Inland Revenue Department has issued Departmental Interpretation and Practice Notes No. 62, which sets out the Department’s interpretation and practice on the provisions relating to the profits tax concessions given to qualifying ship lessors and qualifying ship leasing managers after the enactment of the Inland Revenue (Amendment) (Ship Leasing Tax Concessions) Ordinance 2020. As previously reported, the Ordinance was published in the Official Gazette on 19 June 2020, providing tax concessions to qualifying ship lessors and qualifying ship leasing managers with retrospective effect from 1 April 2020. This includes a tax exemption for qualifying profits derived from...