China's Hong Kong-Georgia tax treaty to come into force

HONG KONG, June 8 (Xinhua) -- China's Hong Kong Special Administrative Region (HKSAR) government announced on Tuesday that the Comprehensive Avoidance of Double Taxation Agreement it signed with Georgia will come into force on July 1.

The agreement, signed in October last year, will be in force after the completion of the relevant ratification procedures. The agreement will have effect in respect of Hong Kong tax for any year of assessment beginning on or after April 1, 2022, a spokesman for the HKSAR government said.

Georgia participates in the Belt and Road Initiative, the spokesman said, adding that the agreement will bring a greater degree of certainty on tax liabilities for those who engage in cross-border business activities, and help promote bilateral trade and investment activities.