Hong Kong Signs Tax Treaties with Netherlands, Brunei
Mar. 29 – Hong Kong recently signed tax agreements with Brunei and the Netherlands for the avoidance of double taxation and the prevention of fiscal evasion of income tax.
The deals come at the urging of the Organization for Economic Cooperation and Development, which has asked China’s Special Administrative Region to incorporate a more transparent tax system and shed its reputation as a tax-haven.
“I think the fact that we have passed legislation adopting [OECD standards] proves that Hong Kong has always been tax compliant,” K.C. Chan, Secretary for Financial Services and the Treasury of Hong Kong said in a statement. “Hong Kong is not a tax haven.”
Hong Kong also signed a double tax agreement with Indonesia last week and plans to sign as many as 12 such treaties this year with a scattering of nations throughout the international community. Tax treaties with France, Austria, and Switzerland are reportedly under negotiation.
Indonesia and Hong Kong Sign DTA
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