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PRESS RELEASE

(Source : Information Services Department)

Hong Kong, Guernsey enter into tax pact

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Hong Kong and Guernsey have signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, a spokesman for the government announced today (April 23).

This is the 28th comprehensive agreement for the avoidance of double taxation (CDTA) that Hong Kong has concluded.

The Hong Kong/Guernsey CDTA has incorporated an article on exchange of information. It will come into force after the completion of ratification procedures on both sides. In the case of Hong Kong, an order is required to be made by the Chief Executive in Council under the Inland Revenue Ordinance. The order is subject to negative vetting by the Legislative Council.

Details of the Hong Kong/Guernsey CDTA can be found on the Inland Revenue Department's website
(www.ird.gov.hk/eng/pdf/Agreement_Guernsey_HongKong.pdf).

Ends/Tuesday, April 23, 2013
Issued at HKT 16:00

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