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HK-Vietnam Tax Pact Gazetted,
by Mary Swire, Tax-News.com, Hong Kong
Monday, May 04, 2009
Hong Kong's fifth comprehensive agreement for the avoidance of double taxation
- this one with Vietnam - was gazetted on Thursday, April 30, 2009.
Under the agreement, any Hong Kong income tax paid by Vietnam residents or
companies will be allowed as a credit against any tax payable in respect of
the same incomes in Vietnam.
The withholding tax on royalties derived in Vietnam will be capped at 7% where
payments are made for the use of patent, design or model, plan, secret formula
or process.
The withholding tax on interest derived in Vietnam will be reduced from the
current rate of 10% to nil if the recipient is the Hong Kong Government, the
Hong Kong Monetary Authority or other mutually agreed recognized institutions.
Profits from international shipping transport Hong Kong residents earn that
arise in Vietnam will enjoy full tax exemption.
Hong Kong airlines operating flights to Vietnam will be taxed at the much
lower corporate tax rate of 16.5% in Hong Kong instead of Vietnam's 25%
corporate tax rate.
The order will be tabled in the Legislative Council on May 6 for negative
vetting. The agreement will take effect only after both sides have completed
their ratification procedures.
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