2 Tax Pacts To Be Gazetted

An order made by the Chief Executive in Council to implement the Comprehensive Avoidance of Double Taxation Agreement with Cambodia will be gazetted on October 4.

Under the pact, investors will not have to pay tax twice on a single source of income, the Government said.

It will bring tax savings and greater certainty on taxation liabilities for residents of both sides when engaging in cross-border trade and investment activities, the Government added.

An order to implement the Fifth Protocol to the Comprehensive Avoidance of Double Taxation Arrangement with the Mainland will also be gazetted on October 4.

It incorporates a new article to provide tax relief to qualified Hong Kong and Mainland teachers and researchers working on the other side as well as measures to prevent tax treaty abuse.

The two orders will be tabled at the first sitting of the Legislative Council after the publication in the Gazette for negative vetting.

The two agreements will enter into force once Hong Kong and the treaty partners complete their ratification procedures.

Click here for highlights of the agreements.