HK, Macau Tax Pact To Be Gazetted
The order on the comprehensive avoidance of double taxation arrangement with Hong Kong and Macau will be gazetted on May 22.
Under the arrangement, 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.
The order will be tabled at the Legislative Council on May 27 for negative vetting. The arrangement will enter into force after both sides have completed the ratification procedures.
The arrangement was signed in November 2019 and is the 43rd comprehensive avoidance of double taxation agreement signed by Hong Kong.
Click here for the arrangement's highlights.
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