Hong Kong Signs Shipping Double Taxation Agreement With Norway
Earlier this month Hong Kong's Secretary for Economic Development and Labour, Mr Stephen Ip, signed an Avoidance of Double Taxation Agreement with the government of Norway that will prevent double taxation in the shipping sector between the two nations.
“The agreement is beneficial to both Hong Kong and Norway shipowners as it exempts Hong Kong shipowners from paying tax levied on cargo loaded in Norway, and vice versa. It also strengthens Hong Kong's status as an international shipping centre," Mr Ip announced at the signing ceremony.
"Hong Kong already has similar double taxation relief arrangements on shipping income with major trading partners, including Mainland China, the US, the U.K., the Netherlands, New Zealand, the Republic of Korea and Germany”, noted Mr Ip, adding that: “Similar agreements are under discussion with other tax administrations, including Greece, India and Belgium."
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