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HK to sign double taxation relief agreement with Thailand
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The Secretary for Financial Services
and the Treasury, Mr Frederick Ma, will leave for Bangkok tomorrow
(September 7), to sign an agreement for the avoidance of double
taxation with the Minister of Foreign Affairs of Thailand, Dr Kantathi
Suphamongkon.
The agreement will provide a further
level of certainty in tax liability and bring about certain tax
savings to Hong Kong investors doing business in Thailand.
This is the first comprehensive agreement
for the avoidance of double taxation (CDTA) that Hong Kong has concluded
with an economy in the Asia-Pacific region, and the second one since
the government began to explore the possibilities of establishing
a network of CDTAs with its major trading partners in 1998. The
first CDTA was signed in 2003 with Belgium.
"The Government is keen
to establish a network of CDTAs with Hong Kong's trading partners,
as these agreements would provide certainty and stability to investors,
and enhance trade and economic ties with other economies,"
Mr Ma said.
Besides the CDTAs with Belgium and
Thailand, talks on avoidance of double taxation have been held with
Macau, Vietnam and some member economies of the Organisation for
Economic Co-operation and Development (OECD) since 1998. Discussions
are also being held with the Mainland to expand the existing limited
avoidance of double taxation arrangement, signed in 1998, into a
comprehensive one to provide further tax relief to Hong Kong and
Mainland businessmen.
Ends/Tuesday, September 6, 2005
Issued at HKT 16:20
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