Singapore and Hong Kong on Friday signed an agreement for the avoidance of double taxation with regard to airline and shipping operations in both countries.
Under the terms of the agreement, signed by Singapore's Second Finance Minister, Lim Hng Kiang, and Hong Kong's Secretary for Economic Development and Labour, Stephen Ip, Hong Kong will no longer tax Singapore shipping and airline operations on income gained from picking up passengers and cargo in the territory, and vice versa.
Speaking following the signing of the agreement, Mr Lim explained that:
"With the high volume of movement of goods and frequency of business travel between Singapore and Hong Kong, shipping and air transport are key components of our economic relations."
No time frame has yet been given for the agreement between the two countries to come into force.
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