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Publications and Press Releases :
Press Release
: News Archives
Double taxation relief arrangements with Germany,
Norway, Singapore and Sri Lanka gazetted
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Four orders made under the Inland Revenue Ordinance
by the Chief Executive in Council to give effect to agreements for
avoidance of double taxation on income from shipping and/or air
transport, which the Hong Kong Special Administrative Region (HKSAR)
signed with Germany, Norway, Singapore and Sri Lanka were gazetted
today (November 19).
The Government signed the agreements with these countries in 2003
and 2004 respectively.
"The agreements provide that the HKSAR and the respective countries
will provide reciprocal tax exemption for income, profits and property
of aircraft and/or ship operators of the other side derived from
operating aircraft and/or ships in their own area. This is mutually
beneficial to the airline and/or shipping businesses of both Hong
Kong and the respective countries," a Government spokesman
said.
"It is our policy to conclude avoidance of double taxation
agreements for revenues arising from the operation of ships and/or
aircraft in international traffic with our shipping and/or aviation
partners," he explained.
The orders will be tabled at the Legislative Council on Wednesday
(November 24) for negative vetting.
Ends/Friday, November 19, 2004
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