The Hong Kong government announced last week that it has gazetted four new orders giving effect to agreements for avoidance of double taxation on income from shipping and air transport with Germany, Norway, Singapore and Sri Lanka.
Referring to the agreements, which were signed during 2003 and 2004, a government spokesman indicated that they seek to provide reciprocal tax exemption for income, profits and property of aircraft and/or ship operators.
“This is mutually beneficial to the airline and/or shipping businesses of both Hong Kong and the respective countries," stated the spokesman.
"It is our policy to conclude avoidance of double taxation agreements for revenues arising from the operation of ships and/or aircraft in international traffic with our shipping and/or aviation partners," he explained.
The orders will be tabled at the Legislative Council on Wednesday (November 24) for negative vetting.
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