(Policy address) Tax breaks for marine insurance

Local | 10 Oct 2018 1:20 pm

Carrie Lam announced the following measures to support and improve the development of high value-added maritime services:

i) using tax measures to foster ship leasing business in Hong Kong and commissioning the Hong Kong Maritime and Port Board to set up a task force to devise the details, with a view to enhancing Hong Kong’s position as a ship leasing centre in the Asia-Pacific region;

ii) providing tax relief to promote the development of marine insurance and the underwriting of specialty risks in Hong Kong;

iii) exploring streamlining regulation with a view to facilitating the operation of protection and indemnity club for shipowners in Hong Kong;

iv) offering the necessary facilitation and measures in support of Hong Kong’s provision of reliable and quality dispute resolution services for the global maritime industry;

v) setting up regional desks of the Hong Kong Shipping Registry in selected economic and trade offices and mainland offices and liaison units to render more direct and prompt support to shipowners at the ports concerned and to promote the HKSR;

vi) injecting HK$200 million into the Maritime and Aviation Training Fund to enhance the training and nurturing of talent for the sectors;

vii) further expanding the CDTA network to attract more international marine and maritime service providers to set up offices in Hong Kong; and

viii) working with the trades to jointly promote our maritime and port services to overseas and local stakeholders and encourage more companies and individuals to seize the business and job opportunities of the relevant industries.

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