Latest Treaty Updates: Hong Kong
Treaty Update: Hong Kong - Malaysia
26/4/2012
The Hong Kong government has announced that Hong Kong and Malaysia signed a DTA on April 25, 2012.
Treaty Update: Hong Kong - Malaysia
24/4/2012
The Hong Kong government has announced that on April 25, 2012, Hong Kong and Malaysia will sign a DTA.
Treaty Update: Hong Kong - Various
18/4/2012
According to the Hong Kong revenue authority, on April 13, 2012, and April 16, 2012, respectively, DTAs signed by Hong Kong with Spain, and with Indonesia, have entered into force. The Indonesia DTA entered into force on March 29, 2012, while the Spanish DTA entered into force on April 13, 2012.
Treaty Update: Hong Kong - Japan
6/4/2012
Hong Kong and Japan on March 31, 2012, exchanged diplomatic notes to ratify the pending DTA the two countries signed on November 9, 2010.
Treaty Update: Hong Kong - Spain
13/3/2012
According to information supplied by the Hong Kong Inland Revenue Department, the DTA signed between Spain and Hong Kong will enter into force on April 16, 2012.
Treaty Update: Jersey - Hong Kong
27/2/2012
The governments of Jersey and Hong Kong have jointly announced that a DTA between Jersey and Hong Kong was signed on February 24, 2012.
Treaty Update: Hong Kong - Czech Republic
7/2/2012
The DTA signed between Hong and the Czech Republic on June 6, 2011, entered into force on January 24, 2012, according to information published by the Hong Kong tax authority.
Treaty Update: Czech Republic - Hong Kong
26/1/2012
According to preliminary media reports, the Czech Republic ratified the DTA signed with Hong Kong on January 9, 2012.
Treaty Update: Spain - Hong Kong
20/1/2012
The Spanish Chamber of Commerce in Hong Kong confirmed on January 16, 2012, that Hong Kong has concluded its ratification procedures for the entry into force of the Hong Kong-Spain DTA from April 16, 2012.
Treaty Update: Hong Kong - Various
11/1/2012
According to information published by the Hong Kong tax authority, Hong Kong's pending DTAs with Japan, Liechtenstein, Ireland, Hungary, France and Austria became effective on January 1, 2012, in the co-signatory country, and will become effective from April 1, 2012, for Hong Kong taxable income.
Treaty Update: South Africa - Hong Kong
20/12/2011
Hong Kong's Financial Secretary John Tsang has confirmed that during meetings between government officials on December 13, 2011, South Africa and Hong Kong have agreed to open negotiations towards a bilateral DTA.
Treaty Update: France - Hong Kong
19/12/2011
According to the revenue authority of Hong Kong, the DTA signed between Hong Kong and France on November 21, 2010, entered into force on December 1, 2011.
Treaty Update: Jersey - Hong Kong
12/12/2011
The Jersey government confirmed on December 9, 2011, that it is engaged in negotiations with Hong Kong authorities towards an agreement for the avoidance of double taxation.
Treaty Update: Hong Kong - France
2/12/2011
The DTA signed between Hong Kong and France on October 21, 2010, entered into effect on December 1, 2011, the Hong Kong tax authority has confirmed.
Treaty Update: Hong Kong - Various
22/11/2011
The Hong Kong government has confirmed that on November 18, 2011, three Orders were gazetted, that, on the approval of the Legislative Council, would ratify the pending comprehensive DTAs Hong Kong has signed with Portugal, Spain and the Czech Republic. The documents are to be tabled before the Legislative Council for approval on November 23, 2011.
Treaty Update: Hong Kong - New Zealand
11/11/2011
The Hong Kong tax authority has confirmed that a DTA between Hong Kong and New Zealand, signed on December 1, 2010, entered into effect on November 9, 2011.
Treaty Update: Hong Kong - Malta
9/11/2011
Hong Kong and Malta signed a comprehensive DTA on November 8, 2011, which includes provisions for the exchange of tax information in accordance with the OECD's internationally-agreed standard.
Treaty Update: Netherlands - Hong Kong
4/11/2011
According to preliminary media reports, the DTA and accompanying protocol signed between the Netherlands and Hong Kong on March 22, 2010, will be effective in the Netherlands from January 1, 2012, and in Hong Kong from April 1, 2012.
Treaty Update: Netherlands - Hong Kong
25/10/2011
The Netherlands Ministry of Foreign Affairs has confirmed that the DTA signed between Hong Kong and the Netherlands on March 22, 2010, entered into force on October 24, 2011.
Treaty Update: Spain - Hong Kong
27/9/2011
According to preliminary media reports, the DTA between Spain and Hong Kong was ratified by the Spanish Congress on September 15. The DTA follows the OECD model and includes provisions for the exchange of information.
Treaty Update: Finland - Hong Kong
23/9/2011
A second round of negotiations towards a DTA between Finland and Hong Kong was held on September 20-22, 2011, according to information published on the Hong Kong tax authority's website.
Treaty Update: Hong Kong - Luxembourg
26/8/2011
According to the Hong Kong government, the Protocol to the DTA signed with Luxembourg on November 10, 2010, came into effect on August 17, 2011. The Protocol provides for the exchange of information in tax matters in accordance with the OECD standard.
Treaty Update: Hong Kong - Japan
16/8/2011
The government of Hong Kong has announced the entry into force of the DTA with Japan signed on November 9, 2010. Following ratification by both parties, the agreement entered into force on August 14, 2011, and will have effect in Hong Kong for fiscal years from April 1, 2012.
Treaty Update: Hong Kong - Liechtenstein
12/8/2011
Hong Kong's Inland Revenue Department has announced that the DTA with Liechtenstein entered into force on July 8, 2011. The DTA was signed on August 12, 2010 and will have effect in Hong Kong from April 1, 2012.
Treaty Update: Liechtenstein - Hong Kong
19/7/2011
According to the Liechtenstein government, a Double Tax Agreement with Hong Kong was ratified by both parties on July 8, 2011, bringing the agreement into force. The treaty will be effective from the fiscal year 2012.
Treaty Update: Hong Kong - Italy
8/7/2011
The Hong Kong and Italian authorities have announced that they are revisiting negotiations on concluding a convention for the avoidance of double taxation, which have been ongoing intermittently since 2004.
Treaty Update: Hong Kong - Czech Republic
8/6/2011
Hong Kong residents receiving dividends from the Czech Republic are currently taxed at 15% - this will reduce to 5% under the agreement. Interest will be exempt from withholding tax, which is currently 15%. Royalties, currently taxed at 15%, will be taxed at a maximum 10%. The DTA also sets out international shipping and airline regulations, and incorporates the latest OECD standard on the exchange of information.
Treaty Update: Spain - Hong Kong
3/6/2011
The DTA follows the OECD model and includes provisions for the exchange of information to the OECD standard. The DTA reduces the dividend withholding tax from 20% to 10%, except in the case of a company (other than a partnership) holding directly at least 25% of the capital of the paying company, when 0% will be charged. Spanish interest withholding tax will be reduced from 19% to 5%, and royalties tax from 24% to 5%. Branch Profits Tax on after-tax profits remitted by a Spanish permanent establishment to its foreign head office will cease to apply to Hong Kong residents. It also sets out shipping and airline tax rules. Under the agreement, Hong Kong will lose its tax haven status from the time of application.
Treaty Update: Liechtenstein - Hong Kong
2/6/2011
The DTA was signed on August 12, 2010. With the agreement, Liechtenstein pledges to adhere to the international OECD standards on transparency and information exchange in tax matters.
Treaty Update: Hong Kong - Liechtenstein
2/6/2011
The DTA was signed on August 12, 2010 and tabled at the Hong Kong Legislative Council on May 18, 2010 for negative vetting.
Treaty Update: Hong Kong - France
2/6/2011
The DTA was signed on October 21, 2010 and tabled at the Hong Kong Legislative Council on May 18, 2010 for negative vetting.
Treaty Update: Hong Kong - Japan
2/6/2011
The DTA was signed on November 9, 201 0and tabled at the Hong Kong Legislative Council on May 18, 2010 for negative vetting.
Treaty Update: Hong Kong - New Zealand
2/6/2011
The DTA was signed on December 1, 2010 and tabled at the Hong Kong Legislative Council on May 18 for negative vetting.
Treaty Update: Hong Kong - Luxembourg
2/6/2011
The Protocol was signed on November 11, 2010. The Protocol upgrades the exchange of tax information clause in the 2004 DTA with Luxembourg to incorporate the internationally-agreed standard of the OECD. The DTA was tabled at the Hong Kong Legislative Council on May 18, 2011 for negative vetting.
Treaty Update: Sweden - Hong Kong
1/6/2011
The TIEA provides for the exchange of information to OECD standards.
Treaty Update: Canada - Hong Kong
27/5/2011
First negotiations to be held. No further information given in press release.
Treaty Update: Portugal - Hong Kong
27/5/2011
The DTA determines the allocation of taxing rights between Hong Kong and Portugal and the relief on tax rates on different types of passive income. Withholding tax rate on dividends received from Portugal is 10%, except in the case of a beneficial owner being a company (other than a partnership) holding directly at least 10% of the capital of the paying company. Portugese withholding tax on interest is capped at 10%, and Portuguese withholding tax on royalties is capped at 5%. Hong Kong airlines operating flights to Portugal will be taxed at Hong Kong's corporation tax rate, which is lower than that of Portugal; and profits from international shipping transport earned by Hong Kong residents that arise in Portugal, which are currently subject to tax there, will not be taxed. It also incorporates the OECD standard on the exchange of tax information.
Treaty Update: Hong Kong - Ireland
25/5/2011
The DTA imposes a zero rate of withholding tax on Hong Kong residents receiving dividends from Ireland. The withholding tax rate on royalties is capped at 3%. The rate on interest is capped at 10%. The DTA will have effect in Hong Kong for any year of assessment beginning on or after April 1, 2012.
Treaty Update: Hong Kong - Hungary
25/5/2011
Hong Kong residents receiving dividends from Hungary are to be charged 10% withholding tax. The rate is reduced to 5% where the recipient is a company holding 10% or more of the share capital of the paying company. Hong Kong residents receiving royalties from Hungary are to be charged withholding tax at 5%. Interest payments to Hong Kong residents are capped at 5%. The DTA is to have effect for any assessment year beginning on or after April 1, 2012.
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Latest News
A double taxation agreement signed between Colombia and Portugal adds to those already concluded by Colombia with Spain, Switzerland, Chile, Canada, Mexico and South Korea.
Hong Kong Property Taxes Reviewed 16/3/2010
Hong Kong’s Financial Secretary, John C Tsang, made the traditional post-budget speech at the Joint Business Community Luncheon on March 12 and, in particular, reviewed the tax measures taken to increase the transaction cost of property speculation so as to reduce the risk of a property bubble being created.
NZ Emissions 'Tax' Attacked 15/3/2010
The ACT New Zealand Party, a member of the country’s present coalition government, has continued its opposition to New Zealand’s new carbon emissions trading scheme, calling it a tax that will increase inflation in the economy.
Orascom Loses Algerian Tax Appeal 12/3/2010
Egyptian telecom company, Orascom Telecom, has announced that its Algerian subsidiary, Orascom Telecom Algérie, has received a rejection to its appeal, made in December last year, against the notice for taxes and penalties it had received from the Algerian tax authorities the month previously.
Switzerland, Slovakia Initial Revised DTA 12/3/2010
It has recently emerged that Switzerland and Slovakia have initialled a revised bilateral double taxation agreement, containing the Organization for Economic Cooperation and Development’s standard on tax information exchange.
UK Budget To Hit The Rich 12/3/2010
Wealthy individuals may have less than two weeks to put plans in place to reduce the tax impact of the Chancellor’s pre-election Budget, warns PKF Accountants and business advisers.
Australia Promised Full Debate On Tax Review 15/3/2010
Following indications that the Australian government was thinking of a delay to the release of the Henry tax review, the Treasurer, Wayne Swan, has now confirmed that it will be issued in good time for a full debate on any proposed tax changes.
IRS Offers Help To Struggling Taxpayers 14/3/2010
The US Internal Revenue Service has announced several additional steps it is taking this tax season to help people having difficulties meeting their tax obligations because of unemployment or other financial problems.
Baucus Seeks Trade Preference Reform 15/3/2010
Senate Finance Committee Chairman Max Baucus is leading efforts for reform of US trade preference programs accorded to developing countries.
Jersey Riding Out Onshore Storm 15/3/2010
Jersey will overcome the evolving challenges being faced by offshore international financial centres, Geoff Cook, Chief Executive of Jersey Finance, told participants at a Breakfast Briefing in London.
OECD Urges Fiscal Policy Shift 12/3/2010
Governments must now gear their economies towards jobs, international competitiveness and increasing the tax-take, the Organization for Economic Cooperation and Development has said in its latest ‘Going for Growth’ report, analyzing the next step for recovering economies.
BVI To Review Taxes And Fees 15/3/2010
British Virgin Islands Prime Minister, Ralph O’Neal has said that the territory will run a budget surplus during 2010, although the government still intends to review indirect taxes and fees on financial services.
Germany Approves Liechtenstein TIEA 15/3/2010
Germany’s Cabinet has recently approved a bill pertaining to the bilateral tax information exchange agreement with Liechtenstein.
UAE Completes VAT Study 12/3/2010
Authorities in the United Arab Emirates are inching closer to the introduction of a value-added tax.
Malaysia Not Cancelling GST 12/3/2010
After a government meeting, Malaysia’s Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah, has rejected any suggestion that the proposed introduction of a goods and services tax has been cancelled.
OECD Praises Portugal's Fiscal Plan 11/3/2010
The Organization for Economic Cooperation and Development has welcomed Portugal’s fiscal consolidation plan, emphasizing that it will serve to support growth.
Bahrain And UK Sign DTA 11/3/2010
The Kingdom of Bahrain’s Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, and UK ambassador, Jamie Bowden, signed a comprehensive double taxation agreement between the two countries in Manama on March 10.
Bahamas Achieves White-Listing 12/3/2010
The Bahamas has achieved a place on the Organization for Economic Cooperation and Development's ‘white list’ following the signing of Tax Information Exchange Agreements with the seven Nordic economies of Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden, on March 10.
Australia And Chile Sign DTA 11/3/2010
Australia’s Assistant Treasurer, Nick Sherry, has announced that Australia and Chile have signed a comprehensive bilateral double taxation agreement – the second such agreement between Australia and a South American country.
Swiss-German Tax Talks Resume 12/3/2010
During a recent visit to Berlin, Switzerland’s State Secretary Michael Ambühl, Head of the State Secretariat for International Financial Matters in the Federal Department of Finance, met with representatives of Germany's Federal Ministry of Finance and Federal Chancellery to exchange ideas on current financial and tax policy issues.
US Senate Approves Tax Extenders Bill 12/3/2010
US Senate Finance Committee Chairman Max Baucus has applauded the Senate’s passage of legislation to extend tax cuts, unemployment insurance benefits and eligibility for unemployment benefits and health care for unemployed workers through the end of 2010.
MEPs Push EU Tobin Tax 12/3/2010
In a recently adopted resolution, the European Parliament has emphasized the need to develop plans for a global tax to discourage excessive risk-taking by financial institutions and to ensure that the financial industry pays for damage caused by the financial crisis.
Tax Relief For California Storm Victims 11/3/2010
The State of California’s Franchise Tax Board on March 9 announced special tax relief for California taxpayers affected by the recent severe winter storms that started in January.
Belgium's Kilometer Tax Opposed 11/3/2010
The Humanist group cdH of the Walloon parliament in Belgium has rejected the idea of a road tax levied per kilometre travelled, advocating instead the introduction of an inclusive road tax disc, which could then be modified to take certain environmental criteria into account.
Amazon Retaliates Against Colorado 11/3/2010
Amazon.com cut ties with its Colorado affiliate marketers on March 8 after the US state forged ahead with its plan to introduce a mandatory Internet sales tax on e-businesses with an annual turnover exceeding USD100,000.