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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.
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