Insurance Post

C-Suite Asia: Captive insurance in Hong Kong

jimmy-poon-hkfi

Legislation was introduced into the Legislative Council in Hong Kong on 8 January to provide a profits tax concession to captive insurance companies for profits from their business of insurance of offshore risks. The move is expected to spur the captive market in the SAR.

Subject to the approval of the law makers, the new law, which will tax profits at 8.25% - half the normal rate, will take effect from the assessment year of 2013-2014.

This is encouraging news to the

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