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India Opens Way To HK Treaty

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

04 May 2010


The Indian government has included the Hong Kong Special Administrative Region of the People’s Republic of China in its notification process of ‘specified territories.'

Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, (all British Overseas Territories); Guernsey, the Isle of Man, Jersey, (all British Crown Dependencies); the Netherlands Antilles (an Autonomous Part of the Kingdom of Netherlands); and Macau (a Special Administrative Region of the People’s Republic of China) have already been notified.

The notification process enables India to initiate and negotiate agreements for exchange of information for the prevention of evasion or avoidance of income tax and assistance in collection of income tax with the nine specified territories.

Before Section 90 of the Income Tax Act was amended by the Finance Act 2009, India was unable to enter into fiscal agreements with non-sovereign territories outside India, which excluded many significant financial centres such as Hong Kong.

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: Isle of Man | tax | offshore confidentiality | Gibraltar | India | Netherlands | law | banking | Bermuda | Cayman Islands | China | Guernsey | Jersey | Macau | Virgin Islands | offshore | agreements | legislation | offshore banking | Hong Kong | Netherlands Antilles

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