Hong Kong to gazett orders on comprehensive avoidance of double taxation

24/10/2024 6:17

        The Hong Kong Special Administrative Region (HKSAR) government said on Wednesday that the Chief Executive in Council made five orders under the Inland Revenue Ordinance (Cap. 112) on Tuesday to implement respectively the Comprehensive Avoidance of Double Taxation Agreements (CDTAs) that Hong Kong signed with Armenia, Bahrain, Bangladesh, Croatia and T羹rkiye, which will be gazetted on Oct. 25.
        "Under the CDTAs, residents of Hong Kong and the relevant tax jurisdictions will not have to pay tax twice on a single source of income. This will bring them greater certainty on taxation liabilities and tax savings when they engage in cross-border trade and investment activities," a spokesperson for the HKSAR government said.
        "The CDTAs can help encourage enterprises of Hong Kong to conduct business or invest in the tax jurisdictions concerned, and vice versa," the spokesperson said.
        The orders will be tabled at the HKSAR's Legislative Council on Oct. 30 for negative vetting. The CDTAs will enter into force after both Hong Kong and the relevant tax jurisdictions have completed their respective ratification procedures.
        Hong Kong signed the CDTAs with Bangladesh, Croatia, Bahrain, Armenia and T羹rkiye in August 2023, and January, March, June and September 2024 respectively, bringing the number of tax jurisdictions that have signed CDTAs with Hong Kong to 51.