On 26 February 2020, Hong Kong released the budget proposal for the tax year beginning 1 April 2020 (the Budget). The Budget includes tax incentives for ship lessors and ship leasing managers, tax incentives for insurance and reinsurance businesses and tax concessions for private equity (PE) funds.This Alert summarizes the key tax initiatives relevant to businesses in the Budget.Promoting ship leasing and ship leasing management in Hong KongTo promote ship leasing and related maritime business activities in Hong Kong, a legislative bill has been introduced offering a dedicated tax regime providing the following tax concessions:1i. The tax rate on the qualifying...