The Inland Revenue & Stamp Duty Legislation (Alternative Bond Schemes) (Amendment) Bill 2012 was gazetted today and will be tabled at the Legislative Council on January 9. The bill amends the Inland Revenue Ordinance and the Stamp Duty Ordinance to provide a taxation framework for some common types of Islamic bonds (sukuk) on par with that for conventional bonds.
“The bill will remove an impediment perceived by the market to developing a sukuk market in Hong Kong. Given our role as a leading international financial centre, Hong Kong has the advantage of matching the needs of fund raisers and the investment demand of investors among China, the Middle East and other parts of the world interested in Islamic financial products,” Secretary for Financial Services & the Treasury Prof KC Chan said………………………………………..Full Article: Source