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Hong Kong introduces bill to reduce profits tax on captive insurers

December 30, 2013 - 6:00am

Hong Kong has introduced a bill that aims to reduce by half the profits tax on captive insurers, Tax-News reported.

K.C. Chan, secretary for Financial Services and the Treasury, said "with a sound regulatory regime and a broad talent pool, Hong Kong is well positioned to establish itself as a center for captive insurance."

The bill will be presented for first reading on Jan. 8 2014. The move comes as many companies in Asia show interest in running their own captive insurers.

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