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Press Release
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Double taxation relief arrangements with Croatia
gazetted
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An order made under the Inland Revenue Ordinance by
the Chief Executive in Council to give effect to the double taxation
relief provision in the Air Services Agreement which Hong Kong signed
with the Republic of Croatia is gazetted today (March 5).
The Government signed the Air Services Agreement with the Republic
of Croatia on June 7, 2002. The Agreement contains a provision on
double taxation relief in respect of income from aircraft operation.
"The double taxation relief provision provides that Hong Kong
and the Republic of Croatia will provide reciprocal tax exemption
for income, profits and property of airlines of the other side derived
from operating aircraft in their own area. This is mutually beneficial
to the airline businesses of both Hong Kong and the Republic,"
a Government spokesman said.
"It is our policy to include provisions on double taxation
relief for airline income into bilateral air services agreements
negotiated between Hong Kong and our aviation partners," he
explained.
The order will be tabled at the Legislative Council next Wednesday
(March 10) for negative vetting.
Ends/Friday, March 5, 2004
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