The Hong Kong Inland Revenue Department issued Departmental Interpretation and Practice Note 62 (DIPN 62)1 clarifying the provisions of the new law2 that grants concessionary tax treatment for (i) qualifying ship lessors and (ii) qualifying ship leasing managers in Hong Kong.This Alert summarizes the key provisions of DIPN 62.Summary of tax concessions and eligibilityThe tax rate on the qualifying profits of qualifying ship lessors3 derived from a qualifying ship leasing activity4 is 0%.The tax rate on the qualifying profits of qualifying ship leasing managers5 carrying out qualifying ship leasing management activities for a non-associated qualifying ship lessor is 8.25%. The tax rate...