The Hong Kong Inland Revenue Department has published a revised version of Departmental Interpretation and Practice Notes (DIPN) No. 54 on the taxation of aircraft leasing activities. As previously reported, 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...