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PRESS RELEASE

(Source : Government Information Centre)

HK and Denmark sign Avoidance of Double Taxation Agreement

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The Secretary for Economic Development and Labour, Mr Stephen Ip, today (December 9) signed an Avoidance of Double Taxation Agreement on shipping income on behalf of the Government of the Hong Kong Special Administrative Region with the Government of the Kingdom of Denmark at a ceremony held in Hong Kong.

Representing Denmark at the signing ceremony was the Consul-General of the Royal Danish Consulate General in Hong Kong, Mr Soren Kragholm.

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

"Hong Kong already has similar double taxation relief arrangements for shipping income with major trading partners, including Mainland China, the US, the UK, the Netherlands, New Zealand, the Republic of Korea, Germany, Singapore, Norway and Sri Lanka."

Ends/Thursday, December 9, 2004

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