The Hong Kong Inland Revenue Department has announced that Inland Revenue Bill (Amendment) (No. 3) 2013 has been enacted. The bill provides a concessionary tax rate of 8.25% on the profits from the business of insuring offshore risks. This rate is half the standard corporate income tax rate of 16.5%. In order to enjoy the concessionary tax rate, the following conditions must be met: The taxpayer must be an authorized captive insurer as defined in the Insurance Companies Ordinance; The taxpayer must carry on the business of insurance of offshore risks as an authorized captive insurer The taxpayer must elect...