Hong Kong and the Mainland have signed the second protocol to the Arrangement for the Avoidance of Double Taxation & Prevention of Fiscal Evasion with respect to Taxes on Income, it was announced this week.
Hong Kong's Secretary for Financial Services & the Treasury, Professor KC Chan signed the agreement with Deputy Taxation Commissioner Wang Li in Beijing this week, further clarifying which Hong Kong firms should pay Enterprise Income Tax on the Mainland.
The tax arrangement was formally signed on August 21, 2006, and launched on December 8 that year, but the two governments differed on the interpretation of certain parts of it.
After negotiations, they agreed on the amendments and initialled the second protocol last September.
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