PRESS RELEASE

(Source : Information Services Department)

Order on Comprehensive Avoidance of Double Taxation Arrangement with Macao to be gazetted

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      The Chief Executive in Council has made an order under the Inland Revenue Ordinance (Cap. 112) to implement the Comprehensive Avoidance of Double Taxation Arrangement with Macao (Macao CDTA). The order will be gazetted on May 22.

      "Under the Macao CDTA, investors will not have to pay tax twice on a single source of income. It will bring tax savings and greater certainty on taxation liabilities for the residents of both sides when they engage in cross-boundary trade and investment activities," a Government spokesman said.

      The order will be tabled at the Legislative Council on May 27 for negative vetting. The Macao CDTA will enter into force after both sides have completed the ratification procedures.

      The Macao CDTA was signed in November 2019 and is the 43rd comprehensive avoidance of double taxation agreement/arrangement signed by Hong Kong. Its highlights are set out in the Annex.
 

Ends/Wednesday, May 20, 2020
Issued at HKT 15:00

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