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PRESS RELEASE

(Source : Government Information Centre)

Hong Kong and Norway sign Avoidance of Double Taxation Agreement

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The Secretary for Economic Development and Labour, Mr Stephen Ip, today (October 16) signed an Avoidance of Double Taxation Agreement (DTA) on shipping on behalf of the Government of the Hong Kong Special Administrative Region with the Government of the Kingdom of Norway.

Representing the Kingdom of Norway at the signing ceremony was the State Secretary to the Ministry of Trade and Industry, Ms Helle Hammer.

"I am glad that the two governments have concluded this agreement today. The agreement is beneficial to both Hong Kong and Norway shipowners as it exempts Hong Kong shipowners from paying tax levied on cargo loaded in Norway, and vice versa. It also strengthens Hong Kong's status as an international shipping centre," said Mr Ip at the signing ceremony.

"Hong Kong already has similar double taxation relief arrangements on shipping income with major trading partners, including Mainland China, the U.S., the U.K., the Netherlands, New Zealand, the Republic of Korea and Germany.

"Similar agreements are under discussion with other tax administrations, including Greece, India and Belgium," Mr Ip added.

Ends/Thursday, October 16, 2003

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