Hong Kong government launches consultation on legislative amendments to develop Islamic finance in Hong Kong

Hong Kong government launches consultation on leg...

Tax alert - Issue 9, April 2012   In March 2012, the Hong Kong government launched a two month consultation on proposed amendments to the Inland Revenue Ordinance (IRO) and Stamp Duty Ordinance (SDO) to promote the development of an Islamic bond market in Hong Kong. This policy initiative was first articulated by the Chief executive (include name) in his policy address in 2007 and most recently by the Financial Secretary, John Tsang Chun-wah in the 2012-13 Hong Kong Budget (see Tax alert issue 3 – February 2012).