Hong Kong Updates Departmental Interpretation and Practice Notes on Tax Concession for Aircraft Leasing

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 pr…