Hong Kong signed a comprehensive agreement with Qatar on
avoidance of double taxation (14 May 2013) |
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Hong Kong signed on May 13 an
agreement with Qatar for the
avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income. Please click
here for the details.
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The Agreement between the Government of the Hong Kong Special Administrative Region of the People's Republic of China and the Government of Malaysia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income has come into effect on 28 December 2012 (6 May 2013) |
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The Agreement between the Government of the Hong Kong Special Administrative Region of the People's Republic of China and the Government of Malaysia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income ("the Agreement") was formally signed on 25 April 2012.
According to Article 28 of the Agreement, the Agreement shall, upon the written notifications by both Sides of the completion of their respective required domestic procedures, enter into force on the date of the later of these notifications.
For the purpose of giving effect to the Agreement, an Order was made by the Chief Executive in Council on 9 October 2012, under section 49(1A) of the Inland Revenue Ordinance. The Order was published in the Gazette as Legal Notice 159 of 2012. The Order was laid before the Legislative Council for negative vetting on 24 October 2012. The vetting period expired on 21 November 2012 and no resolution was made by the Legislative Council to amend the whole or any part of the Order. Thereafter, the Order came into operation on 14 December 2012. Hong Kong sent a notification of the completion of the domestic procedures to Malaysia on 18 December 2012. Malaysia sent Hong Kong a notification dated 28 December 2012 confirming the completion of their requisite domestic procedures and formally acknowledged receipt of Hong Kong’s written notification on 30 April 2013. The Agreement has therefore become effective on 28 December 2012 and shall have effect in Hong Kong, according to paragraph 2 of Article 28 of the Agreement, for any year of assessment beginning on or after 1 April 2013. |
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Three orders on avoidance of double taxation agreements gazetted (3 May 2013) |
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Hong Kong signed a comprehensive agreement with Guernsey on
avoidance of double taxation (23 April 2013) |
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Hong Kong signed on April 22 an
agreement with Guernsey for the
avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income. Please click
here for the details.
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Inland Revenue (Amendment) Bill 2013 gazetted (12 April 2013) |
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The Agreement between the Government of the Hong Kong Special Administrative Region of the People's Republic of China and the Government of the United Mexican States for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income has come into effect on 7 March 2013 (8 March 2013) |
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The Agreement between the Government of the Hong Kong Special Administrative Region of the People's Republic of China and the Government of the United Mexican States for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income ("the Agreement") was formally signed on 18 June 2012.
According to Article 28 of the Agreement, the Agreement shall, upon the written notifications by both Sides of the completion of their respective required domestic procedures, enter into force thirty days after the date of receipt of the later of these notifications.
For the purpose of giving effect to the Agreement, an Order was made by the Chief Executive in Council on 9 October 2012, under section 49(1A) of the Inland Revenue Ordinance. The Order was published in the Gazette as Legal Notice 160 of 2012. The Order was laid before the Legislative Council for negative vetting on 24 October 2012. The vetting period expired on 21 November 2012 and no resolution was made by the Legislative Council to amend the whole or any part of the Order. Thereafter, the Order came into operation on 14 December 2012. On 18 December 2012, Hong Kong sent a notification of the completion of the domestic procedures to Mexico. On 5 February 2013, Hong Kong received a notification dated 4 February 2013 from Mexico confirming the completion of the requisite domestic procedures. The Agreement has therefore become effective on 7 March 2013 and shall have effect in Hong Kong, according to paragraph 2 of Article 28 of the Agreement, for any year of assessment beginning on or after 1 April 2014.
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Hong Kong signed a comprehensive agreement with Italy on
avoidance of double taxation (15 January 2013) |
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Hong Kong signed on January 14 an
agreement with Italy for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. Please click
here for the details.
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Branch remittance tax in France exempted under the agreement for the avoidance of double taxation between Hong Kong and France (27 December 2012) |
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The Agreement between the Government of the Hong Kong Special Administrative Region of the People’s Republic of China and the Government of the French Republic for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital and the Prevention of Fiscal Evasion (“the Agreement”) has come into effect in Hong Kong from year of assessment 2012/13.
Hong Kong has now sought clarification from France that a Hong Kong resident corporation is exempt from branch remittance tax on its income earned in France under the provisions of the Agreement.
Income earned in France by a foreign corporation is deemed to be distributed to a foreign resident under the French tax code. In the absence of the Agreement, a 25% withholding tax (branch remittance tax) is levied on that after-tax income as if it were dividends. The withholding tax can be recalculated if the enterprise proves that the income taxed exceeds the amount of the dividends effectively paid or that the dividends are paid to French residents.
Under the Agreement, paragraph 3 of Article 10 states that the term “dividends” also includes “income treated as a distribution by the taxation laws of the Contracting Party of which the company making the distribution is a resident”. Paragraph 5 of Article 10 however stipulates that “where a company which is a resident of a Contracting Party derives profits or income from the other Contracting Party, that other Party may not impose any tax on the dividends paid by the company, except insofar as such dividends are paid to a resident of that other Party or insofar as the holding in respect of which the dividends are paid is effectively connected with a permanent establishment situated in that other Party, nor subject the company’s undistributed profits to a tax on the company’s undistributed profits, even if the dividends paid or the undistributed profits consist wholly or partly of profits or income arising in such other Party.”
Therefore, in accordance with the above provisions of the Agreement, French branch remittance tax cannot be levied on the income earned in France by a Hong Kong resident corporation. |
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Hong Kong signed a comprehensive agreement with Canada on
avoidance of double taxation (12 November 2012) |
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Hong Kong signed on November 11 an
agreement with Canada for the
avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income. Please click
here for the details.
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The Agreement between the Government of the Hong Kong Special Administrative Region of the People's Republic of China and the Swiss Federal Council for the Avoidance of Double Taxation with respect to Taxes on Income has come into effect on 15 October 2012 (7 November 2012) |
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The Agreement between the Government of the Hong Kong Special Administrative Region of the People's Republic of China and the Swiss Federal Council for the Avoidance of Double Taxation with respect to Taxes on Income ("the Agreement") was formally signed on 4 October 2011.
According to Article 28 of the Agreement, the Agreement shall, upon the written notifications by both Sides of the completion of their respective required domestic procedures, enter into force on the date of the later of these notifications.
For the purpose of giving effect to the Agreement, an Order was made by the Chief Executive in Council on 17 April 2012, under section 49(1A) of the Inland Revenue Ordinance. The Order was published in the Gazette as Legal Notice 97 of 2012. The Order was laid before the Legislative Council for negative vetting on 23 May 2012. The vetting period expired on 20 June 2012 and no resolution was made by the Legislative Council to amend the whole or any part of the Order. Thereafter, the Order came into operation on 13 July 2012. On 18 July 2012, Hong Kong sent a notification of the completion of the domestic procedures to Switzerland. Hong Kong also received a notification dated 15 October 2012 from Switzerland confirming the completion of the requisite domestic procedures. The Agreement has therefore become effective on 15 October 2012 and shall have effect in Hong Kong, according to paragraph 2 of Article 28 of the Agreement, for any year of assessment beginning on or after 1 April 2013. |
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The Agreement between the Government of the Hong Kong Special Administrative Region of the People's Republic of China and the Government of Malta for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income has come into effect on 18 July 2012 (30 July 2012) |
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The Agreement between the Government of the Hong Kong Special Administrative Region of the People's Republic of China and the Government of Malta for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income ("the Agreement") was formally signed on 8 November 2011.
According to Article 26 of the Agreement, the Agreement shall, upon the written notifications by both Sides of the completion of their respective required domestic procedures, enter into force on the date of the later of these notifications.
For the purpose of giving effect to the Agreement, an Order was made by the Chief Executive in Council on 17 April 2012, under section 49(1A) of the Inland Revenue Ordinance. The Order was published in the Gazette as Legal Notice 98 of 2012. The Order was laid before the Legislative Council for negative vetting on 23 May 2012. The vetting period expired on 20 June 2012 and no resolution was made by the Legislative Council to amend the whole or any part of the Order. Thereafter, the Order came into operation on 13 July 2012. Hong Kong received a notification dated 12 December 2011 from Malta confirming the completion of the requisite domestic procedures. On 18 July 2012, Hong Kong sent a notification of the completion of the domestic procedures to Malta. The Agreement has therefore become effective on 18 July 2012 and shall have effect in Hong Kong, according to paragraph 2 of Article 26 of the Agreement, for any year of assessment beginning on or after 1 April 2013. |
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Hong Kong signed a comprehensive agreement with Mexico on
avoidance of double taxation (19 June 2012) |
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Hong Kong signed on June 18 (Mexican time) an
agreement with Mexico for the
avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income. Please click
here for the details.
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The Agreement between the Hong Kong Special Administrative Region of the People's Republic of China and the Portuguese Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income has come into effect on 3 June 2012 (4 June 2012) |
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The Agreement between the Hong Kong Special Administrative
Region of the People's Republic of China and the Portuguese
Republic for the Avoidance of Double Taxation and the Prevention
of Fiscal Evasion with respect to Taxes on Income ("the
Agreement") was formally signed on 22 March 2011.
According to Article 28 of the Agreement, the Agreement
shall, upon the written notifications by both Sides of the
completion of their respective required domestic procedures,
enter into force on the thirtieth day following the date
of the latter notification.
For the purpose of giving effect to the Agreement, an Order
was made by the Chief Executive in Council on 8 November
2011, under section 49(1A) of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 155
of 2011. The Order was laid before the Legislative Council
for negative vetting on 23 November 2011. The vetting period
expired on 11 January 2012 and no resolution was made by
the Legislative Council to amend the whole or any part of
the Order. On 13 January 2012, Hong Kong sent a notification
of the completion of the domestic procedures to Portugal.
On 4 May 2012, Hong Kong received a notification dated 4
May 2012 from Portugal confirming the completion of the
requisite domestic procedures. The Agreement has therefore
become effective on 3 June 2012 and shall have effect in
Hong Kong, according to paragraph 2 of Article 28 of the
Agreement, for any year of assessment beginning on or after
1 April 2013.
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Hong Kong signed a comprehensive agreement with Malaysia on
avoidance of double taxation (25 April 2012) |
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Hong Kong signed on April 25 an
agreement with Malaysia for the
avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income. Please click
here for the details.
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The Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of the Republic of Indonesia for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion with
respect to Taxes on Income has come into effect on 28 March
2012 (16 April 2012) |
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The Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China
and the Government of the Republic of Indonesia for the
Avoidance of Double Taxation and the Prevention of Fiscal
Evasion with respect to Taxes on Income ("the Agreement")
was formally signed on 23 March 2010.
According to Article 28 of the Agreement, the Agreement
shall, upon the written notifications by both sides of the
completion of their respective required approval procedures,
enter into force on the date of the later of these notifications.
For the purposes of giving effect to the Agreement, an
Order was made by the Chief Executive in Council on 22 June
2010, under section 49(1A) of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 91
of 2010. The Order was laid before the Legislative Council
for negative vetting on 14 July 2010. The vetting period
expired on 17 November 2010 and no resolution was made by
the Legislative Council to amend the whole or any part of
the Order. On 19 November 2010, Hong Kong sent a notification
of the completion of the ratification procedures to Indonesia.
In early April 2012, Hong Kong received a notification dated
28 March 2012 from Indonesia confirming the completion of
the requisite approval procedures. The Agreement has therefore
become effective on 28 March 2012 and shall have effect
in Hong Kong, according to paragraph 2 of Article 28 of
the Agreement, for any year of assessment beginning on or
after 1 April 2013.
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Japan exchanged Notes with the Hong Kong Special Administrative
Region on 31 March 2012 (5 April 2012) |
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Please click here
for the Note from Japan to the Hong Kong Special Administrative
Region dated 31 March 2012 and the Hong Kong Special Administrative
Region's Note in reply dated 31 March 2012 regarding Article
11 of the Agreement between the Government of the Hong Kong
Special Administrative Region of the People's Republic of
China and the Government of Japan for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect
to Taxes on Income.
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Hong Kong signed a comprehensive agreement with Jersey on
avoidance of double taxation (24 February 2012) |
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Hong Kong signed on February 22 an
agreement with Jersey for the
avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income. Please click
here for the details.
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The Agreement between the Hong Kong Special Administrative
Region of the People's Republic of China and the Kingdom of
Spain for the Avoidance of Double Taxation and the Prevention
of Fiscal Evasion with respect to Taxes on Income will come
into effect on 13 April 2012 (6 February 2012) |
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The Agreement between the Hong Kong Special Administrative
Region of the People's Republic of China and the Kingdom
of Spain for the Avoidance of Double Taxation and the Prevention
of Fiscal Evasion with respect to Taxes on Income ("the
Agreement") was formally signed on 1 April 2011.
According to Article 26 of the Agreement, the Agreement
shall, upon the written notifications by both sides of the
completion of their respective required approval procedures,
enter into force after a period of three months following
the date of receipt of the later of these notifications.
On 10 October 2011 Spain notified Hong Kong in writing
of the completion of its approval procedures.
For the purposes of giving effect to the Agreement, an
Order was made by the Chief Executive in Council on 8 November
2011 under section 49(1A) of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 156
of 2011. The Order was laid before the Legislative Council
for negative vetting on 23 November 2011. The vetting period
expired on 11 January 2012 and no resolution was made by
the Legislative Council to amend the whole or any part of
the Order. On 13 January 2012, Hong Kong sent a notification
of the completion of the ratification procedures to Spain.
On 16 January 2012, Spain acknowledged receipt of the notification
from Hong Kong. The Agreement therefore will become effective
on 13 April 2012 and shall have effect in Hong Kong, according
to paragraph 3 of Article 26 of the Agreement, for any year
of assessment beginning on or after 1 April 2013.
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The Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of the Czech Republic for the Avoidance of
Double Taxation and the Prevention of Fiscal Evasion with
respect to Taxes on Income has come into effect on 24 January
2012 (6 February 2012) |
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The Agreement between the Government of the Hong Kong
Special Administrative Region of the People's Republic of
China and the Government of the Czech Republic for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion
with respect to Taxes on Income ("the Agreement")
was formally signed on 6 June 2011.
According to Article 26 of the Agreement, the Agreement
shall, upon the written notifications by both sides of the
completion of their respective required approval procedures,
enter into force on the date of the later of these notifications.
For the purposes of giving effect to the Agreement, an
Order was made by the Chief Executive in Council on 8 November
2011 under section 49(1A) of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 157
of 2011. The Order was laid before the Legislative Council
for negative vetting on 23 November 2011. The vetting period
expired on 11 January 2012 and no resolution was made by
the Legislative Council to amend the whole or any part of
the Order. On 13 January 2012, Hong Kong sent a notification
of the completion of the ratification procedures to the
Czech Republic. On 26 January 2012, Hong Kong received a
notification dated 24 January 2012 from the Czech Republic
confirming the completion of the requisite approval procedures
and the receipt of Hong Kong's notification. The Agreement
therefore becomes effective on 24 January 2012 and shall
have effect in Hong Kong, according to paragraph 2 of Article
26 of the Agreement, for any year of assessment beginning
on or after 1 April 2013.
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The Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of the French Republic for the Avoidance of
Double Taxation with respect to Taxes on Income and on Capital
and the Prevention of Fiscal Evasion comes into effect on
1 December 2011 (1 December 2011) |
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The Agreement between the Government of the Hong Kong
Special Administrative Region of the People's Republic of
China and the Government of the French Republic for the
Avoidance of Double Taxation with respect to Taxes on Income
and on Capital and the Prevention of Fiscal Evasion ("the
Agreement") was formally signed on 21 October 2010.
According to Article 28 of the Agreement, the Agreement
shall, upon the written notifications by both sides of the
completion of their respective required approval procedures,
enter into force on the first day of the month following
the day when the later of these notifications has been received.
For the purposes of giving effect to the Agreement, an
Order was made by the Chief Executive in Council on 3 May
2011 under section 49(1A) of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 65
of 2011. The Order was laid before the Legislative Council
for negative vetting on 18 May 2011. The vetting period
expired on 6 July 2011 and no resolution was made by the
Legislative Council to amend the whole or any part of the
Order. On 8 July 2011, Hong Kong sent a notification of
the completion of the ratification procedures to France.
On 3 November 2011, Hong Kong received a notification dated
3 November 2011 from France confirming the completion of
the requisite approval procedures. The Agreement therefore
becomes effective on 1 December 2011 and shall have effect
in Hong Kong, according to paragraph 2 of Article 28 of
the Agreement, for any year of assessment beginning on or
after 1 April 2012.
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The Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of New Zealand for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect
to Taxes on Income has come into effect on 9 November 2011
(10 November 2011) |
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The Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China
and the Government of New Zealand for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect
to Taxes on Income ("the Agreement") was formally
signed on 1 December 2010.
According to Article 26 of the Agreement, the Agreement
shall, upon the written notifications by both sides of the
completion of their respective required approval procedures,
enter into force on the date of the later of these notifications.
For the purposes of giving effect to the Agreement, an
Order was made by the Chief Executive in Council on 3 May
2011 under section 49(1A) of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 67
of 2011. The Order was laid before the Legislative Council
for negative vetting on 18 May 2011. The vetting period
expired on 6 July 2011 and no resolution was made by the
Legislative Council to amend the whole or any part of the
Order. On 8 July 2011, Hong Kong sent a notification of
the completion of the ratification procedures to New Zealand.
On 9 November 2011, Hong Kong received a notification dated
9 November 2011 from New Zealand confirming the completion
of the requisite approval procedures. The Agreement has
therefore become effective on 9 November 2011 and shall
have effect in Hong Kong, according to paragraph 2 of Article
26 of the Agreement, for any year of assessment beginning
on or after 1 April 2012.
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Hong Kong signed on November 8 a comprehensive agreement with
the Republic of Malta on avoidance of double taxation (9 November 2011) |
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Hong Kong signed on November 8 an agreement with the
Republic of Malta for the avoidance of double taxation and
the prevention of fiscal evasion with respect to taxes on
income.
The Secretary for Financial Services and the Treasury,
Professor K C Chan, signed in Hong Kong (November 8) an
agreement with the Republic of Malta for the avoidance
of double taxation and the prevention of fiscal evasion
with respect to taxes on income on behalf of the Hong Kong
Special Administrative Region Government. The Ambassador
of Malta to China, Mr Joseph Cassar, signed on behalf of
his Government. Please click
here for the details.
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The
Agreement between the Hong Kong Special Administrative Region
of the People's Republic of China and the Kingdom of the Netherlands
for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with respect to Taxes on Income has come into
effect on 24 October 2011 (25 October 2011) |
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The
Agreement between the Hong Kong Special Administrative Region
of the People's Republic of China and the Kingdom of the Netherlands
for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with respect to Taxes on Income ("the
Agreement") was formally signed on 22 March 2010.
According to Article 29 of the Agreement,
the Agreement shall, upon the written notifications by both
sides of the completion of their respective required approval
procedures, enter into force on the fifth day after the
date of receipt of the later notification.
For the purposes of giving effect to
the Agreement, an Order was made by the Chief Executive
in Council on 22 June 2010 under section 49(1A) of the Inland
Revenue Ordinance. The Order was published in the Gazette
as Legal Notice 90 of 2010. The Order was laid before the
Legislative Council for negative vetting on 14 July 2010.
The vetting period expired on 17 November 2010 and no resolution
was made by the Legislative Council to amend the whole or
any part of the Order. On 19 November 2010, Hong Kong sent
a notification of the completion of the ratification procedures
to the Netherlands. On 19 October 2011, Hong Kong received
a notification dated 18 October 2011 from the Netherlands
confirming the completion of the requisite approval procedures.
The Agreement has therefore become effective on 24 October
2011 and shall have effect in Hong Kong, according to paragraph
2 of Article 29 of the Agreement and the Note from the Netherlands
to the Hong Kong Special Administrative Region dated 22
March 2011 and the Hong Kong Special Administrative Region's
Note in reply dated 29 March 2011, for any year of assessment
beginning on or after 1 April 2012.
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The
Protocol to the Agreement between the Hong Kong Special Administrative
Region of the People's Republic of China and the Grand Duchy
of Luxembourg for the Avoidance of Double Taxation and the
Prevention of Fiscal Evasion with respect to Taxes on Income
and on Capital has come into effect on 17 August 2011 (25
August 2011) |
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The Protocol to the Agreement
between the Hong Kong Special Administrative Region of the
People's Republic of China and the Grand Duchy of Luxembourg
for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with respect to Taxes on Income and on Capital
("the Protocol") was formally signed on 11 November
2010.
According to Article 4 of the Protocol, the Protocol shall,
upon the written notifications by both Sides of the completion
of their respective required approval procedures, enter
into force on the later of these notifications.
For the purpose of giving effect to the Protocol, an Order
was made by the Chief Executive in Council on 3 May 2011,
under section 49(1A) of the Inland Revenue Ordinance. The
Order was published in the Gazette as Legal Notice 68 of
2011. The Order was laid before the Legislative Council
for negative vetting on 18 May 2011. The vetting period
expired on 6 July 2011 and no resolution was made by the
Legislative Council to amend the whole or any part of the
Order. On 8 July 2011, Hong Kong sent a notification of
the completion of the ratification procedures to Luxembourg.
On 17 August 2011, Hong Kong received a notification dated
17 August 2011 from Luxembourg confirming the completion
of the requisite approval procedures. The Protocol has therefore
become effective on 17 August 2011 and shall have effect
in Hong Kong, according to Article 4 of the Protocol, for
any year of assessment beginning on or after 1 April 2012.
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The
Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of Japan for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with respect to Taxes
on Income has come into effect on 14 August 2011 (15 August
2011) |
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The Agreement between the
Government of the Hong Kong Special Administrative Region
of the People's Republic of China and the Government of Japan
for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with respect to Taxes on Income ("the
Agreement") was formally signed on 9 November 2010.
According to Article 29 of the Agreement, the Agreement
shall, upon the written notifications by both Sides of the
completion of their respective required approval procedures,
enter into force on the thirtieth day after the date of
receipt of the later notification.
For the purpose of giving effect to the Agreement, an Order
was made by the Chief Executive in Council on 12 April 2011,
under section 49(1A) of the Inland Revenue Ordinance. The
Order was published in the Gazette as Legal Notice 64 of
2011. The Order was laid before the Legislative Council
for negative vetting on 18 May 2011. The vetting period
expired on 6 July 2011 and no resolution was made by the
Legislative Council to amend the whole or any part of the
Order. On 8 July 2011, Hong Kong sent a notification of
the completion of the ratification procedures to Japan.
On 15 July 2011, Hong Kong received a notification dated
15 July 2011 from Japan confirming the completion of the
requisite approval procedures. The Agreement has therefore
become effective on 14 August 2011 and shall have effect
in Hong Kong, according to paragraph 2 of Article 29 of
the Agreement, for any year of assessment beginning on or
after 1 April 2012.
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The
Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of the Principality of Liechtenstein for the
Avoidance of Double Taxation and the Prevention of Fiscal
Evasion with respect to Taxes on Income and on Capital has
come into effect on 8 July 2011 (10 August 2011) |
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The Agreement between the
Government of the Hong Kong Special Administrative Region
of the People's Republic of China and the Government of the
Principality of Liechtenstein(¡§("Liechtenstein")
for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with respect to Taxes on Income and on Capital
("the Agreement") was formally signed on 12 August
2010.
According to Article 28 of the Agreement, the Agreement
shall, upon the written notifications by both Sides of the
completion of their respective required approval procedures,
enter into force on the date of the later of these notifications.
For the purpose of giving effect to the Agreement, an Order
was made by the Chief Executive in Council on 3 May 2011,
under section 49(1A) of the Inland Revenue Ordinance. The
Order was published in the Gazette as Legal Notice 66 of
2011. The Order was laid before the Legislative Council
for negative vetting on 18 May 2011. The vetting period
expired on 6 July 2011 and no resolution was made by the
Legislative Council to amend the whole or any part of the
Order. Hong Kong received a notification dated 16 March
2011 from Liechtenstein confirming the completion of its
approval procedures. On 8 July 2011, Hong Kong sent a notification
of the completion of the ratification procedures to Liechtenstein.
The Agreement has therefore become effective on 8 July 2011
and shall have effect in Hong Kong, according to paragraph
2 of Article 28 of the Agreement, for any year of assessment
beginning on or after 1 April 2012.
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Standard
forms for application of certificate of resident status under
a comprehensive agreement for the avoidance of double taxation
(13 July 2011) |
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With immediate effect, any application
for a certificate of Hong Kong resident status under a comprehensive
agreement for the avoidance of double taxation signed between
Hong Kong and other jurisdictions (apart from the Mainland
of China) has to be made on the standard form IR1313B (for
company, partnership, trust or other body of persons) or
IR1314B (for individuals). For applications involving the
Mainland of China, standard form IR1313 / IR1313A / IR1314
/ IR1314A should continue to be used. The forms can be downloaded
from the Inland Revenue Department Homepage at www.ird.gov.hk.
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Tax
arrangements on dividends paid to Hong Kong residents by Mainland
companies clarified (4 July 2011) |
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The Financial Services
and the Treasury Bureau today (July 4) said that the Hong
Kong Special Administrative Region Government has received
a reply from the State Administration of Taxation that clarified
the arrangements concerning the tax payable to the Mainland
for dividends paid by Mainland companies to individual investors
in Hong Kong.
A spokesman for the Financial
Services and the Treasury Bureau said, "The reply of
the State Administration of Taxation notes that when non-foreign
investment companies of the Mainland which are listed in
Hong Kong distribute dividends to their shareholders, the
individual shareholders in general will be subject to a
withholding tax rate of 10% with reference to the arrangement
for the avoidance of double taxation signed between Mainland
China and Hong Kong. They do not have to make any applications
for entitlement to the above-mentioned tax rate.
"For shareholders
who are residents of other countries and whose home countries
have reached an agreement with China on an applicable withholding
tax rate higher or lower than 10%, they have to follow the
bilateral tax agreement in paying tax in connection with
dividends paid by Mainland companies listed in Hong Kong."
The spokesman said that the
Stock Exchange of Hong Kong Limited will issue a letter
to listed companies to inform them of the above-mentioned
tax arrangements concerning dividends paid by Mainland companies.
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Hong
Kong signed on June 6 a comprehensive agreement with Czech
Republic on avoidance of double taxation (7 June 2011) |
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Hong Kong signed on June 6 an agreement with Czech
Republic for the avoidance of double taxation and the prevention
of fiscal evasion with respect to taxes on income.
The Secretary for Financial Services
and the Treasury, Professor K C Chan, signed in Prague yesterday
(June 6, Prague time) an agreement
with the Czech Republic for the avoidance of double taxation
and the prevention of fiscal evasion with respect to taxes
on income on behalf of the Hong Kong Special Administrative
Region Government. The Czech Minister of Finance, Mr Miroslav
Kalousek, signed on behalf of his Government. Please
click here
for the details.
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Hong
Kong signed on April 1 a comprehensive agreement with Spain
on avoidance of double taxation (1 April 2011) |
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Hong Kong signed on April 1 an agreement with Spain
for the avoidance of double taxation and the prevention
of fiscal evasion with respect to taxes on income.
The Chief Secretary for Administration, Mr Henry Tang,
signed the
agreement in Hong Kong on behalf of the Hong Kong
Special Administrative Region Government. The Spanish Second
Vice-President, Ms Elena Salgado, signed on behalf of her
Government. Please click
here for the details.
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Hong
Kong signed on March 22 a comprehensive agreement with Portugal
on avoidance of double taxation (22 March 2011) |
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Hong Kong signed on March
22 an agreement with Portugal for the avoidance
of double taxation and the prevention of fiscal evasion with
respect to taxes on income.
The Secretary for Financial Services and the Treasury,
Professor K C Chan, signed the
agreement in Hong Kong on behalf of the Hong Kong
Special Administrative Region Government. The Consul-General
of Portugal in Hong Kong, Mr Manuel Carvalho, signed on
behalf of his Government. Please click
here for the details.
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The
Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of the Republic of Hungary for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion with
respect to Taxes on Income came into effect on 23 February
2011 (24 February 2011) |
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The Agreement between the
Government of the Hong Kong Special Administrative Region
of the People's Republic of China and the Government of the
Republic of Hungary for the Avoidance of Double Taxation and
the Prevention of Fiscal Evasion with respect to Taxes on
Income ("the Agreement") was formally signed on
12 May 2010.
According to Article 26 of the Agreement, the Agreement
shall, upon the written notifications by both sides of the
completion of their respective required approval procedures,
enter into force on the 30th day following the receipt of
the later of the notifications.
For the purposes of giving effect to the Agreement, the
Chief Executive in Council made an Order on 28 September
2010 under section 49(1A) of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 124
of 2010. The Order was laid before the Legislative Council
for negative vetting on 20 October 2010. The vetting period
expired on 8 December 2010 and no resolution was made by
the Legislative Council to amend the whole or any part of
the Order. On 1 and 10 December 2010, Hungary and Hong Kong
notified each other in writing of the completion of the
ratification procedures respectively. On 24 January 2011,
Hungary acknowledged receipt of the notification from Hong
Kong. The Agreement became effective on 23 February 2011
and shall have effect in Hong Kong, according to paragraph
2 of Article 26 of the Agreement, for any year of assessment
beginning on or after 1 April 2012.
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The
Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of Ireland for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with respect to Taxes
on Income has come into effect on 10 February 2011 (17 February
2011) |
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The Agreement between the
Government of the Hong Kong Special Administrative Region
of the People's Republic of China and the Government of Ireland
for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with respect to Taxes on Income ("the
Agreement") was formally signed on 22 June 2010.
According to Article 26 of the Agreement, the Agreement
shall, upon the written notifications by both Sides of the
completion of their respective required approval procedures,
enter into force on the date of the later of these notifications.
For the purpose of giving effect to the Agreement, an Order
was made by the Chief Executive in Council on 28 September
2010, under section 49(1A) of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 127
of 2010. The Order was laid before the Legislative Council
for negative vetting on 20 October 2010. The vetting period
expired on 8 December 2010 and no resolution was made by
the Legislative Council to amend the whole or any part of
the Order. On 10 December 2010, Hong Kong sent a notification
of the completion of the ratification procedures to Ireland.
Hong Kong received a notification dated 10 February 2011
from Ireland confirming the completion of its approval procedures.
The Agreement has therefore become effective on 10 February
2011 and shall have effect in Hong Kong, according to paragraph
2 of Article 26 of the Agreement, for any year of assessment
beginning on or after 1 April 2012.
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The
Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of the Republic of Austria for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion with
respect to Taxes on Income and on Capital has come into effect
on 1 January 2011 (3 January 2011) |
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The Agreement between the
Government of the Hong Kong Special Administrative Region
of the People's Republic of China and the Government of the
Republic of Austria ("Austria") for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion with
respect to Taxes on Income and on Capital ("the Agreement")
was formally signed on 25 May 2010.
According to Article 27 of the Agreement, the Agreement
shall, upon the written notifications by both Sides of the
completion of their respective required approval procedures,
enter into force on the first day of the month next following
the date of the later of these notifications.
For the purpose of giving effect to the Agreement, an Order
was made by the Chief Executive in Council on 28 September
2010, under section 49(1A) of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 125
of 2010. On 10 December 2010, Hong Kong sent a notification
of the completion of the ratification procedures to Austria
and received a notification of the same date from Austria
confirming the completion of its approval procedures. The
Agreement has therefore become effective on 1 January 2011
and shall have effect in Hong Kong, according to paragraph
2 of Article 27 of the Agreement, for any year of assessment
beginning on or after 1 April 2012.
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The
Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of the United Kingdom of Great Britain and
Northern Ireland for the Avoidance of Double Taxation and
the Prevention of Fiscal Evasion with respect to Taxes on
Income and on Capital Gains has come into effect on 20 December
2010 (29 December 2010) |
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The Agreement between the
Government of the Hong Kong Special Administrative Region
of the People's Republic of China and the Government of the
United Kingdom of Great Britain and Northern Ireland ("the
UK") for the Avoidance of Double Taxation and the Prevention
of Fiscal Evasion with respect to Taxes on Income and on Capital
Gains ("the Agreement") was formally signed on 21
June 2010.
According to Article 26 of the Agreement, the Agreement
shall, upon the written notifications by both Sides of the
completion of their respective required approval procedures,
enter into force on the date of the later of these notifications.
For the purpose of giving effect to the Agreement, an Order
was made by the Chief Executive in Council on 28 September
2010, under section 49(1A) of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 126
of 2010. On 10 December 2010, Hong Kong sent a notification
of the completion of the ratification procedures to the
UK and received a notification dated 20 December 2010 from
the UK confirming the completion of its approval procedures.
The Agreement has therefore become effective on 20 December
2010 and shall have effect in Hong Kong, according to paragraph
2 of Article 26 of the Agreement, for any year of assessment
beginning on or after 1 April 2011.
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The
Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of His Majesty the Sultan and Yang Di-Pertuan
of Brunei Darussalam for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with respect to Taxes
on Income has come into effect on 19 December 2010 (29 December
2010) |
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The Agreement between the
Government of the Hong Kong Special Administrative Region
of the People's Republic of China and the Government of His
Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam
("Brunei") for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with respect to Taxes
on Income ("the Agreement") was formally signed
on 20 March 2010.
According to Article 27 of the Agreement, the Agreement
shall, upon the written notifications by both Sides of the
completion of their respective required approval procedures,
enter into force on the thirtieth day after the date of
the later of these notifications.
For the purpose of giving effect to the Agreement, an Order
was made by the Chief Executive in Council on 22 June 2010,
under section 49(1A) of the Inland Revenue Ordinance. The
Order was published in the Gazette as Legal Notice 89 of
2010. Hong Kong received a notification dated 19 July 2010
from Brunei confirming the completion of its approval procedures.
On 19 November 2010, Hong Kong sent a notification of the
completion of the ratification procedures to Brunei. The
Agreement has therefore become effective on 19 December
2010 and shall have effect in Hong Kong, according to paragraph
2 of Article 27 of the Agreement, for any year of assessment
beginning on or after 1 April 2011.
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Hong
Kong signed on December 6 a comprehensive agreement with Switzerland
on avoidance of double taxation (6 December 2010) |
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Hong Kong signed on December
6 an agreement with Switzerland for the
avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income.
The Secretary for Financial Services and the Treasury,
Professor K C Chan, signed the
agreement in Hong Kong
on behalf of the Hong Kong Special Administrative Region
Government. The Swiss Consul-General, Mrs Rita Hammerli-Weschke,
signed on behalf of her Government. Please click
here for the details.
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Hong
Kong signed on December 1 a comprehensive agreement with New
Zealand on avoidance of double taxation (1 December 2010) |
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Hong Kong signed on December
1 an agreement with New Zealand for the
avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income.
The Financial Secretary, Mr John C Tsang, signed the
agreement in Auckland on behalf of the Hong Kong
Special Administrative Region Government. The New Zealand's
Deputy Prime Minister and Minister of Finance, Mr Bill English,
signed on behalf of his Government. Please click
here for the details.
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Hong
Kong signed on November 9 a comprehensive agreement with Japan
on avoidance of double taxation (9 November 2010) |
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Hong Kong signed on November
9 an agreement with Japan for the avoidance of double taxation
and the prevention of fiscal evasion with respect to taxes
on income.
The Secretary for Financial Services and the Treasury of
Hong Kong, Professor K C Chan, signed the
agreement in Hong Kong on behalf of the Hong Kong
Special Administrative Region Government. The Consul-General
of Japan in Hong Kong, Mr Yuji Kumamaru, signed on behalf
of his Government. Please click
here for the details.
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Hong
Kong signed on October 21 a comprehensive agreement with France
on avoidance of double taxation (22 October 2010) |
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Hong Kong signed on October
21 an agreement with France for the avoidance of double taxation
and the prevention of fiscal evasion with respect to taxes
on income and on Capital.
The Financial Secretary, Mr John C Tsang, signed the
agreement in Paris on behalf of the Hong Kong Special
Administrative Region Government. The French Minister of
Economy, Industry and Employment, Mrs Christine Lagarde,
signed on behalf of her Government. Please click
here for the details.
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Hong
Kong signed on August 12 a comprehensive agreement with Liechtenstein
on avoidance of double taxation (13 August 2010) |
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Hong Kong signed on August
12 an agreement with Liechtenstein for the avoidance of double
taxation and the prevention of fiscal evasion with respect
to taxes on income and on Capital.
The Special Representative for Hong
Kong Economic and Trade Affairs to the European Union, Miss
Mary Chow, signed the
agreement in Vaduz on behalf of the Hong Kong Special
Administrative Region Government. The
Liechtenstein Prime Minister, Dr Klaus Tschutscher, signed
on behalf of his Government. Please click
here for the details.
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Hong
Kong signed on June 22 a comprehensive agreement with Ireland
on avoidance of double taxation (23 June 2010) |
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Hong Kong signed on June
22 an agreement with Ireland for the avoidance of double taxation
and the prevention of fiscal evasion with respect to taxes
on income.
The Secretary for Financial Services and the Treasury,
Professor K C Chan, signed the
agreement in Dublin on behalf of the Hong Kong Special
Administrative Region Government. The Irish Minister of
Finance, Mr Brian Lenihan, signed on behalf of his Government.
Please click here
for the details.
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Hong
Kong signed on June 21 a comprehensive agreement with the
United Kingdom on avoidance of double taxation (22 June 2010) |
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Hong Kong signed on June
21 an agreement with the United Kingdom for the avoidance
of double taxation and the prevention of fiscal evasion with
respect to taxes on income and on capital gains.
The Secretary for Financial Services and the Treasury,
Professor K C Chan, signed the
agreement in London on behalf of the Hong Kong Special
Administrative Region Government. The United Kingdom Exchequer
Secretary to the Treasury, Mr David Gauke, signed on behalf
of his Government. Please click
here for the details.
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Hong
Kong signs the Third Protocol to the comprehensive arrangement
on avoidance of double taxation with the Mainland of China
(27 May 2010) |
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Today, on May 27, the Secretary for Financial Services
and the Treasury, Professor K C Chan, on behalf of the HKSAR
Government, signs the Third
Protocol (in Chinese only) to the Arrangement between
the Mainland of China and the Hong Kong Special Administrative
Region for the Avoidance of Double Taxation and the Prevention
of Fiscal Evasion with Respect to Taxes on Income with the
Deputy Commissioner of the State Administration of Taxation,
Mr Wang Li, representing the Central Government, in Beijing.
The Third Protocol upgrades the Exchange of Information
Article in the Arrangement to the 2004 version of the Organisation
for Economic Cooperation and Development. The Article requires
the contracting parties, upon receiving a request for information,
to exchange information even when there is no domestic tax
interest involved. The Third Protocol will come into force
after the completion of ratification procedures and notification
by both sides.
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Hong
Kong signs comprehensive agreement with Austria on avoidance
of double taxation (25 May 2010) |
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Hong Kong today (May 25)
signed an agreement with Austria for the avoidance of double
taxation and the prevention of fiscal evasion with respect
to taxes on income and on capital.
The Secretary for Financial Services and the Treasury,
Professor K C Chan, signed the
agreement in Hong Kong on behalf of the Hong Kong
Special Administrative Region Government. The Austrian State
Secretary of the Federal Ministry of Finance, Mr Andreas
Schieder, signed on behalf of his Government. Please click
here for the details.
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Hong
Kong signs comprehensive agreement with Kuwait on avoidance
of double taxation (13 May 2010) |
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Hong Kong today (May 13)
signed an agreement with Kuwait for the avoidance of double
taxation and the prevention of fiscal evasion with respect
to taxes on income.
The Secretary for Financial Services and the Treasury, Professor
K C Chan, signed the
agreement in Hong Kong on behalf of the Hong Kong
Special Administrative Region Government. The Kuwaiti Minister
of Finance, Mr Mustafa Al-Shamali, signed on behalf of his
Government. Please click
here for the details. |
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Hong
Kong signed on May 12 an agreement with Hungary for the avoidance
of double taxation (13 May 2010) |
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The Special Representative
for Hong Kong Economic and Trade Affairs to the European Union,
Miss Mary Chow, signed the
agreement for the avoidance of double taxation and
the prevention of fiscal evasion with respect to taxes on
income on behalf of the Hong Kong Special Administrative Region
Government in Budapest. The Hungarian Minister of Finance,
Dr Peter Oszko, signed on behalf of his Government. Please
click here
for the details.
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Negotiations
between the Government of the Hong Kong Special Administrative
Region and the Swiss Federal Council (16 April 2010) |
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On 15 April 2010, Hong Kong
and Switzerland had initialed an agreement for the avoidance
of double taxation (CDTA) between Hong Kong and Switzerland
in Berne. Both sides had reached a consensus on all the provisions
of the agreement after the 2nd
round of talks held this week, which lasted for 4
days. Both sides will arrange to have the agreement formally
signed and put into effect as soon as practicable. This is the 10th CDTA that Hong Kong has
concluded so far that adopts the latest international standard
on exchange of information.
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Agreement
in principle on the income tax agreement between Hong Kong
and Japan (31 March 2010) |
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Government of the Hong Kong Special Administrative Region
of the People's Republic of China and the Government of Japan
have reached consensus on the agreement for the avoidance
of double taxation and the prevention of fiscal evasion with
respect to taxes on income. Please click
here for the details.
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The
commencement of the Inland Revenue (Amendment) Ordinance 2010
and the Inland Revenue Rules on exchange of information and
the progress of treaty negotiations (20 March 2010) |
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| The Financial
Secretary announced in the 2009-10 Budget to put forward legislative
proposal to enable Hong Kong to adopt the latest international
standard on exchange of information. Two pieces of legislation,
i.e. the Inland Revenue (Amendment) Ordinance 2010 and the
Inland Revenue (Disclosure of Information) Rules, were enacted.
They commenced on 12 March 2010.
With the commencement of these legislation,
Hong Kong can enter into comprehensive agreements on avoidance
of double taxation (CDTAs) based on the Organisation for Economic
Cooperation and Development (OECD) 2004 version of Exchange
of Information (EoI) Article. We have concluded new agreements
with the following countries in which the latest OECD version
of EoI Article are basically adopted: the Republic of Austria,
Brunei Darussalam, the French Republic, the Republic of Hungary,
the Republic of Indonesia, Ireland, the Principality of Liechtenstein,
and the Kingdom of the Netherlands. We are also negotiating
with our existing treaty partners to upgrade the EoI Article
to the new version.
Today (March 20), the CDTA with Brunei was
signed by the Financial Secretary in Brunei. The CDTA with
the Netherlands will be signed in Hong Kong on Monday next
(March 22) and the one with Indonesia will be signed on March
23 in Indonesia.
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The
Agreement between the Government of the Hong Kong Special
Administrative Region of the People's Republic of China and
the Government of the Socialist Republic of Vietnam for the
Avoidance of Double Taxation and the Prevention of Fiscal
Evasion with respect to Taxes on Income has come into effect
on 12 August 2009 (17 August 2009) |
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| The Agreement
between the Government of the Hong Kong Special Administrative
Region of the People's Republic of China and the Government
of the Socialist Republic of Vietnam for the Avoidance of
Double Taxation and the Prevention of Fiscal Evasion with
respect to Taxes on Income ("the Agreement") was
formally signed on 16 December 2008.
According to Article 28 of the Agreement, this Agreement shall,
upon the written notifications by both Sides of the completion
of their respective required approval procedures, enter into
force on the date of the later of these notifications.
For the purpose of giving effect to the Agreement, an Order
was made by the Chief Executive in Council on 21 April 2009,
under section 49 of the Inland Revenue Ordinance. The Order
was published in the Gazette as Legal Notice 82 of 2009. On
30 June 2009, Hong Kong sent a notification of the completion
of the ratification procedures to Vietnam and received a notification
dated 12 August 2009 from Vietnam confirming the completion
of its approval procedures. The Agreement has therefore become
effective on 12 August 2009 and shall have effect in Hong
Kong, according to paragraph 2 of Article 28 of the Agreement,
for any year of assessment beginning on or after 1 April 2010.
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The
Agreement between the Hong Kong Special Administrative Region
of the People's Republic of China and the Grand Duchy of Luxembourg
for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with respect to Taxes on Income and on Capital
has come into effect on 20 January 2009 (29 January 2009) |
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| The Agreement
between the Hong Kong Special Administrative Region of the
People's Republic of China and the Grand Duchy of Luxembourg
for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with respect to Taxes on Income and on Capital
("the Agreement") was formally signed on 2 November
2007.
According to Article 28 of the Agreement, this Agreement shall,
upon the written notifications by both Sides of the completion
of their respective required approval procedures, enter into
force on the date of the later of these notifications.
For the purpose of giving effect
to the Agreement, an Order was made by the Chief Executive
in Council on 22 January 2008, under section 49 of the Inland
Revenue Ordinance. The Order was published in the Gazette
as Legal Notice 18 of 2008. On 2 May 2008, Hong Kong sent
a notification of the completion of the ratification procedures
to Luxembourg and received a notification dated 20 January
2009 from Luxembourg confirming the completion of its approval
procedures. The Agreement has therefore become effective on
20 January 2009 and shall have effect in Hong Kong, according
to paragraph 2 of Article 28 of the Agreement, for any year
of assessment beginning on or after 1 April 2008.
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The
Government of the Hong Kong Special Administrative Region
signs Comprehensive Agreement for the Avoidance of Double
Taxation with the Government of Vietnam (16 December 2008) |
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Hong Kong today signed an Agreement,
in Hanoi, with Vietnam for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with Respect to Taxes
on Income. It is the first bilateral agreement for the avoidance
of double taxation signed between the two sides.
The Agreement eliminates the uncertainty
of tax liability for the investors and traders of both economies.
It creates a more favourable bilateral business environment,
and at the same time protects the legitimate tax revenue of
both jurisdictions.
The Agreement will come into force after
the completion of ratification procedures for both sides.
In 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.
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Negotiations
between the Government of the Hong Kong Special Administrative
Region and the Government of Kuwait (11 December 2008) |
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The 3rd round of negotiations
for an agreement for the avoidance of double taxation between
Hong Kong and Kuwait was held in Hong Kong on 11 December
2008. The negotiation was conducted in a friendly, cooperative
and cordial atmosphere of mutual understanding and resulted
in consensus on all the provisions of the proposed agreement.
It was brought to a successful conclusion with both sides
agreed upon the final text and initialed the agreement. Both
sides will arrange to have the agreement formally signed and
put into effect as soon as possible. |
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The
Mainland exchanged letters with the Hong Kong Special Administrative
Region |
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The Arrangement for the Avoidance
of Double Taxation and Prevention of Fiscal Evasion with respect
to Taxes on Income between the Mainland and the Hong Kong
Special Administrative Region (including the Protocol thereto)
("the Arrangement") entered into force on 8 December
2006.
The Mainland and Hong Kong have different
views on the interpretation of some of the Articles of the
Arrangement. Agreement was reached on the necessary amendments
and implementation rules upon negotiation on 11 September
2007. After the meeting, both Sides initialed the Second Protocol
to the Arrangement and signed the exchange of letters [the
letter from Hong Kong to the Mainland and the
reply from the Mainland (in Chinese only)]. The latter
became effective on the date of signature that was 11 September
2007 while the Second Protocol became effective on 11 June
2008. |
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The
Second Protocol to the Arrangement between the Mainland of
China and the Hong Kong Special Administrative Region for
the Avoidance of Double Taxation and the Prevention of Fiscal
Evasion with respect to Taxes on Income has come into effect
on 11 June 2008 |
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The Second Protocol to the
Arrangement between the Mainland of China and the Hong Kong
Special Administrative Region for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect
to Taxes on Income ("the Second Protocol") was formally
signed on 30 January 2008.
According to Article 6 of the Second Protocol,
this Protocol shall, upon the written notifications by both
Sides of the completion of their respective required approval
procedures, enter into force on the date of the later of these
notifications.
For the purpose of giving effect to the Second
Protocol, an order was made by the Chief Executive in Council
on 15 April 2008, under section 49 of the Inland Revenue Ordinance.
The Order was published in the Gazette as Legal Notice 89
of 2008. On 26 May 2008, Hong Kong sent a notification of
the completion of the ratification procedures to the Mainland
and received a notification dated 11 June 2008 from the Mainland
confirming the completion of its approval procedures. The
Second Protocol has therefore become effective on 11 June
2008. |
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Negotiations
between the Government of the Hong Kong Special Administrative
Region and the Government of Vietnam (27 May 2008) |
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| The 3rd round of negotiations for an agreement
between Hong Kong and Vietnam for the avoidance of double
taxation("Agreement") was held on 26 and 27 May
2008 in Hong Kong. The negotiation was conducted in a friendly,
cooperative and constructive atmosphere of mutual understanding.
Consensus was reached on all the provisions of the proposed
Agreement, except that the Vietnamese Side has to seek the
approval from its relevant authority on a certain technical
issue. The proposed Agreement was initialed after the negotiation
and both sides will endeavour to arrange for the formal signing
of the proposed Agreement. |
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The
Government of the Hong Kong Special Administrative Region
exchanged Notes with the Government of the Kingdom of Thailand
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The Agreement for the
Avoidance of Double Taxation and the Prevention of Fiscal
Evasion with respect to Taxes on Income between Hong Kong
and Thailand was formally signed on 7 September 2005. The
Agreement entered into force on 7 December 2005.
After the Agreement became effective,
the Hong Kong business sector has doubt whether the profits
remitted to a Hong Kong head office by a branch office in
Thailand is subject to tax in Thailand. On 21 February 2008,
the Hong Kong Special Administrative Region Government replied
to the Note from the Thai Government and confirmed the understanding
that either Party shall not impose a tax on profits remitted
by a permanent establishment of an enterprise of the Other
Party.
The Note from the Thai Government
and the captioned Note from the HKSAR Government shall form
an integral part of the Agreement and shall enter into force
on the date that the Agreement entered into force, that is,
7 December 2005.
Please click
here for the Note from the Government of the Hong
Kong Special Administrative Region to the Government of the
Kingdom of Thailand dated 21 February 2008. |
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