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Hong Kong And Luxembourg Sign Tax Pact,
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, November 06, 2007
Hong Kong and Luxembourg have signed a comprehensive agreement on the avoidance
of double taxation, the fourth such agreement concluded by Hong Kong.
The agreement was signed on November 2 by Secretary for Financial Services
and the Treasury, Professor KC Chan and Luxembourg Economy and Foreign Trade
Minister, Jeannot Krecke. It will eliminate double taxation instances encountered
by Hong Kong and Luxembourg investors, and bring about tax savings and certainty
in tax liabilities in connection with cross-border economic activities.
The agreement will also help foster closer economic and trade links between
the two places, and provide added incentives for Luxembourg enterprises to do
business or invest in Hong Kong.
"Both Hong Kong and Luxembourg are among the freest economies in the world,
and both places have succeeded in surpassing our relatively small geographical
size to become one of the most vibrant global economies," Professor Chan
commented. "It is therefore no coincidence that we find ourselves natural
partners in a taxation agreement."
The agreement is scheduled to come into force on April 1 in Hong Kong, and on January
1 in Luxembourg.
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