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| Hong Kong To Implement DTAs |
by Mary Swire, Tax-News.com, Hong Kong
Thursday, July 08, 2010
Orders made to implement double taxation agreements with Brunei, the Netherlands and Indonesia for the avoidance of double taxation and the prevention of tax evasion have been officially announced by the Hong Kong government. The signing of these Comprehensive Double Taxation Agreements follows those concluded with Belgium, Thailand, China, Luxembourg and Vietnam.
A government spokesman said: “The agreements ensure that investors will not have to pay tax twice on a single source of income. In simple terms, the agreements will bring tax savings and a higher degree of certainty on taxation rights for investors from both places when they engage in bilateral trade and investment activities.”
The orders will be tabled in the Legislative Council on July 7 for negative vetting and will come into force once ratification procedures have been completed.
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