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Hk Double Tax Agreements

Under the Convention, Switzerland is exempt from double taxation. In addition, the withholding tax rate has been reduced to 10%. In addition, a double taxation treaty between Hong Kong and Saudi Arabia is currently underway. There is also a memorandum of understanding with China that says advanced price agreements are another instrument to help companies reduce the risk of double taxation. An extended pricing agreement is an agreement between a taxable company and the tax authorities, in this case the National Ministry of Revenue, on the transfer pricing methodology of a fixed schedule of related party transactions (e.g. B a multinational parent and its subsidiary in Hong Kong). In September 2012, the Finance Commissioner said Hong Kong had made „remarkable progress“ in establishing its international network of tax treaties since the amendment of the National Revenue Order in March 2010 and that since then the Hong Kong tax treaty network has expanded rapidly. As of March 2018, 37 comprehensive double taxation treaties were in force in Hong Kong. Shipping companies are at particularly high risk of double taxation. Hong Kong legislation provides for a mutual tax exemption for shipping gains. Hong Kong has maritime agreements with Denmark, Germany, the Netherlands, Norway, the United Kingdom and the United States. If you consider that you have not benefited from the adequate double taxation exemption guaranteed by a double taxation agreement, you can benefit from the assistance of the Hong Kong authority responsible for the convention. The competent authority of Hong Kong is the Commissioner of Domestic Revenues.

This process is also called the mutual agreement procedure. The competent authority of Hong Kong is responsible for the following matters: Article 151 of the Basic Law provides that Hong Kong is free to negotiate its own double taxation treaties, independently of mainland China (i.e.dem rest of the People`s Republic of China) using the abbreviation Hong Kong, China. The region should not use double taxation treaties that China might enter into, as these agreements only mention continental taxes. Mainland China will also not impose the conditions of double taxation treaties in the territory, since it guaranteed Hong Kong, in accordance with Articles 106 to 108 of the Basic Law, the right to maintain an independent tax regime without continental interference until 2047. The finance department receives bilateral or multilateral ABS requests and requests an annual report. They offer not only protection against the risks of double taxation, but also greater security of tax liability. The agreement also plays a role in protecting the Treasury by providing for provisions to combat tax evasion and avoidance, including through measures providing for the exchange of information between tax authorities.