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HK, Netherlands Ink Pact on Tax Exemption
Hong Kong and the Netherlands Thursday signed an Avoidance of Double Taxation Agreement on shipping to exempt ship-owners in these two places from paying double tax.
This is the second such agreement that Hong Kong has signed with its trading partners in a week.
"Similar agreements are under discussion with about 20 other tax administrations, including Germany, Greece, Australia and Denmark," said Secretary for Economic Services of Hong Kong Sandra Lee, who signed on the agreement.
Hong Kong has also confirmed with the tax authorities of New Zealand and South Korea that conditions for reciprocal tax exemption in Hong Kong laws have been met, she added.
"Hong Kong already has similar agreements on shipping with our major trading partners. The latest addition is the UK which signed the agreement last week," Lee said.
Gerrit Ybema, minister for foreign trade of the Netherlands, who is on a two-day visit in Hong Kong, signed the agreement.
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