Does Hong Kong Have A Double Tax Agreement With Uk

Posted on Posted in Egyéb

The legislation allows Hong Kong to conclude comprehensive ATDs that contain the Organisation for Economic Co-operation and Development `OECD) international standard for information exchange. Until June 2001, there were no comprehensive double taxation treaties in Hong Kong. Since then, however, the number of contracts has grown quite rapidly. The Agreement for the Avoidance of Double Taxation of Income and the Prevention of Tax Evasion broadens the scope of the original Agreement on Business Profits and Income from Personal Services, which both parties signed in 1998. “Many places in the region have already set up a network of CDTAs. Such a network for Hong Kong will put us on an equal footing with other localities in the region that already have one, thus further improving our competitiveness in attracting foreign investment,” Ma said. There is also a memorandum of understanding with China, which says income taxation can be a problem for international workers and individuals who may reside in more than one country. In countries that are taxed around the world, a non-resident citizen who works abroad may have to pay his income, both in his country of origin and in the country where he is earned. In addition, Hong Kong airlines that fly to Brunei are taxed according to the DBA at the Hong Kong corporate tax rate (lower than Brunei). Profits from international shipping made by Hong Kong residents, but which are currently taxable in Brunei, are exempt under the agreement. The information below provides brief details on some important double taxation treaties signed by the Hong Kong Special Administrative Area.

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