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PRESS RELEASE

(Source : Government Information Centre)

Hong Kong and Singapore sign Avoidance of Double Taxation Agreement

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The Secretary for Economic Development and Labour, Mr Stephen Ip, today (November 28) signed an Avoidance of Double Taxation Agreement (DTA) on shipping and air services income on behalf of the Government of the Hong Kong Special Administrative Region with the Government of the Republic of Singapore at a ceremony held in Singapore.

Representing Singapore at the signing ceremony was the Second Minister for Finance and Minister, Prime Minister's Office, Mr Lim Hng Kiang.

"I am glad that the two governments have concluded this agreement today. It covers income derived from the operation of both ships and aircraft in international traffic. It will benefit Hong Kong and Singaporean shipowners and airlines as they will be relieved of the burden of double tax. It also strengthens Hong Kong's status as the preferred international and regional logistics hub," said Mr Ip.

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

"In respect of air services income, Hong Kong has established double taxation relief arrangements with 16 aviation partners, including Mainland China, the U.K., the Netherlands, and Canada, " Mr Ip said.

End/Friday, November 28, 2003

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Photo : On behalf of HKSAR Government, the Secretary for Economic Development and Labour, Mr Stephen Ip, signed an Avoidance of Double Taxation Agreement on shipping and air services income with Singapore.