On 9 September 2016, Hong Kong Inland Revenue issued Departmental Interpretation and Practice Notes No. 52 - Taxation of Corporate Treasury Activity, which covers the new interest deduction rules for intra-group financing and concessionary profits tax rate for corporate treasury centers as approved in Inland Revenue (Amendment) (No. 2) Ordinance 2016. The Ordinance enables, under specified conditions, the deduction of interest payable on money borrowed by a corporation carrying on an intra-group financing business in Hong Kong. It also provides for a concessionary profits tax rate of 8.25% (half the standard rate - 16.5%) for qualifying corporate treasury centers in...