The Hong Kong Inland Revenue Department recently published new guidance, Profits Tax - What you need to know as a Ship Operator. The guidance covers various areas for ship operators, including the following specific areas:
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Ship operators chargeable to Hong Kong Profits Tax
Profits derived by a ship operator from carrying on a business of operating ships would be assessed in accordance with the provisions in section 23B of the Inland Revenue Ordinance (IRO) if:
- the business is normal…