Transcription of Departmental Interpretation And Practice Notes - No
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Departmental Interpretation And Practice Notes - No
Inland Revenue Department Hong Kong Departmental Interpretation AND Practice Notes NO. 54 TAXATION OF AIRCRAFT LEASING ACTIVITIES These Notes are issued for the information of taxpayers and their tax representatives. They contain the Department s Interpretation and practices in relation to the law as it stood at the date of publication. Taxpayers are reminded that their right of objection against the assessment and their right of appeal to the Commissioner, the Board of Review or the Court are not affected by the application of these Notes . WONG Kuen-fai Commissioner of Inland Revenue October 2017 Our website : Departmental Interpretation AND Practice Notes No. 54 CONTENT Paragraph19 10 16 20 22 23 25 29 30 31 32 36 38 40 41 43 47 49 57 Introduction BackgroundThe 2017 Amendment (No. 3) Ordinance Qualifying Aircraft Lessor Concession for qualifying aircraft lessor 20% tax base concession Irrevocable election Aircraft Leasing Activity Definition of aircraft leasing activity Definition of lease - Funding lease - Hire-purchase agreement and conditional sale agreement Qualifying aircraft leasing activity - In the ordinary course of business - Ownership requirement Transaction structuring Qualifying Aircraft Leasing Manager Concession for qualifyi
Inland Revenue Department Hong Kong DEPARTMENTAL INTERPRETATION AND PRACTICE NOTES NO. 54 TAXATION OF AIRCRAFT LEASING ACTIVITIES These notes are issued for the information of taxpayers and their tax
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