HK Cap. 112DR — Exemption from Profits Tax (Debt Instrument Issued by Mainland Local People’s Government at Any Level) Order

Exemption from Profits Tax (Debt Instrument Issued by Mainland Local People’s Government at Any Level) Order ( Cap. 112, section 87 ) (Enacting provision omitted— E.R. 4 of 2023 ) [31 March 2023] 1. (Omitted as spent— E.R. 4 of 2023 ) 2. Interpretation In this Order— Mainland ( 內地 ) means any part of China other than Hong Kong, Macau and Taiwan; MLPG debt instrument ( 地方人民政府債務票據 ) means a debt instrument issued in Hong Kong by a local people’s government at any level in the Mainland. 3. Exemption (1) A person is exempt from the payment of profits tax chargeable under Part 4 of the Ordinance in respect of sums received by, or accrued to, the person as— (a) interest paid or payable on a MLPG debt instrument; (b) profits on the sale, or other disposal, of a MLPG debt instrument; or (c) profits on the redemption, on maturity or presentment, of a MLPG debt instrument. (2) This section applies in relation to profits tax chargeable for any year of assessment commencing on or after 1 April 2022.