The Hong Kong Legislative Council is considering the Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-Related Activities) Bill 2022, which was submitted on 15 June 2022. The Bill seeks to amend the Inland Revenue Ordinance (IRO) (Cap. 112) to provide a half-rate profits tax concessions (i.e., an 8.25% tax rate) to qualifying shipping commercial principals, including ship agents, ship managers, and ship brokers). The profits derived by a qualifying shipping commercial principal from carrying out a qualifying activity for an associated shipping enterprise, which is entitled to a concessionary tax rate or income exemption under the IRO, will also be...