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HK-UK's Agreement on Avoidance of Double Taxation to Be Enforced
Shipowners in Hong Kong and the United Kingdom will only need to pay tax in either Hong Kong or the UK on their income derived from the other part starting from April 2002.
The agreement on this matter has passed through all necessary legislative procedures for approval, a spokesman for the Hong Kong Special Administrative Region government said Tuesday.
"Together with similar arrangements with the United States and Chinese mainland and the confirmed provisions of reciprocal tax exemption with the tax authorities of New Zealand and South Korea, HK shipowners are exempt from tax on their international shipping income in four countries and the mainland," the spokesman explained.
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