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Double taxation avoidance orders to be gazetted
on Friday
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Three orders will be gazetted this Friday (June 20), mainly to give
effect to the double taxation relief arrangements relating to aircraft
operations as agreed between the Government and Mexico and Finland.
The orders will be tabled at the Legislative Council next Wednesday
(June 25) for negative vetting.
"Under the double taxation
relief arrangements, tax exemption for income and profits derived
from aircraft operations in international traffic is provided for
the airlines of Hong Kong, Mexico and Finland. Aircraft operators
of Hong Kong, Mexico and Finland will benefit from the avoidance
of double taxation. The arrangements should help lower cost of operation,
improve income and indirectly efficiency as well," a spokesperson
for the Transport and Housing Bureau said.
"It is our policy to enter
into double taxation relief arrangements relating to aircraft operations
with our aviation partners" the spokesperson explained.
One of the orders gazetted is to
revoke the Specification of Arrangements (Government of the Republic
of Finland) (Avoidance of Double Taxation on Income from Aircraft
Operation) Order (Cap 112, sub. leg. AR), which is no longer required.
The orders were made under the Inland
Revenue Ordinance by the Chief Executive in Council.
Ends/Wednesday, June 18, 2008
Issued at HKT 16:00
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