The Hong Kong government has announced the coming into effect of the Protocol to the bilateral agreement for the avoidance of double taxation with Luxembourg and Hong Kong, signed in November 2010.
The Protocol had been ratified by Hong Kong on July 8, 2011. The Hong Kong government was notified by Luxembourg's authorities on August 17, 2011, that they too had completed their internal ratification procedures.
The agreement will become effective in Hong Kong for tax years commencing on or after April 1, 2012; and in Luxembourg from January 1, 2012.
The Protocol revises the existing agreement to provide terms for bilateral information exchange in tax matters on request, in accordance with the Organization for Economic and Cooperation Development standard.
The withholding tax rates applicable in the agreement are unchanged.
.Tags: tax | offshore | offshore confidentiality | double tax agreement (DTA) | Hong Kong | Luxembourg | Hong Kong | Luxembourg
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