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HK, Luxembourg Sign TIEA Protocol

by Mary Swire, Tax-News.com, Hong Kong

12 November 2010


Hong Kong’s Secretary for Financial Services and the Treasury, Professor K C Chan, and Luxembourg’s Minister of Finance, Luc Frieden, have signed a protocol to the existing double taxation agreement (DTA) between Hong Kong and Luxembourg.

The current bilateral DTA was signed on November 2, 2007. The protocol upgrades the exchange of information article in the DTA to conform to the Organization for Economic Cooperation and Development’s international standard.

The new article requires the contracting parties, upon receiving a request for information, to exchange information even when there is no domestic tax interest involved. It does not permit either party to decline to supply information solely because the information is held by a bank, other financial institution, nominee or person acting in an agency or a fiduciary capacity.

The protocol will come into force after the completion of ratification procedures and notification by both sides.

Its provisions shall have effect in Hong Kong in respect of tax for any year of assessment beginning on or after April 1 in the calendar year next following that in which the protocol enters into force. In Luxembourg, it will apply, in respect of taxes withheld at source, to income derived on or after January 1, and, in respect of other taxes on income and capital, to taxes chargeable for any taxable year beginning on or after January 1 in the calendar year next following that in which the protocol enters into force.

A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
TAGS: tax | double tax agreement (DTA) | law | Luxembourg | agreements | Hong Kong

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