The Hong Kong government announced this week that the shipping tax agreement which was signed in November of last year with the Netherlands has come into force, and will be implemented from next year.
The comprehensively named Agreement for the Avoidance of Double Taxation on Income, Profits, Gains or Capital of an Enterprise Operating Ships in International Traffic means that shipowners in either country need only pay tax in one location on income derived from international shipping business.
'The agreement will apply in both Hong Kong and the Netherlands for any year of assessment or taxable year and period beginning on or after 1 January 2002,' a government spokesman confirmed.
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