PRESS RELEASE

(Source : news.gov.hk)

Three orders on avoidance of double taxation agreements gazetted

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Three orders made by the Chief Executive in Council under the Inland Revenue Ordinance were gazetted today (May 18). The orders implement the agreements with Kuwait, Switzerland and Malta for the avoidance of double taxation.

"The Comprehensive Agreements for Avoidance of Double Taxation (CDTAs) ensure that investors will not have to pay tax twice on a single source of income," a Government spokesman said.

"In simple terms, the CDTAs will bring tax savings and a higher degree of certainty on taxation rights for investors from the respective places when they engage in trade and investment activities with Hong Kong."

Highlights of the three CDTAs can be found in the Annex.

The orders will be tabled at the Legislative Council on May 23 for negative vetting. The CDTAs will only take effect after both Hong Kong and the treaty partners have completed their ratification procedures.

Hong Kong signed the CDTAs with Kuwait on May 13, 2010, Switzerland on October 4, 2011, and Malta on November 8, 2011.

Ends/Friday, May 18, 2012
Issued at HKT 11:05

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