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Hong Kong Tax News Issue No.2
As mentioned in our newsletter published in January 2010, Hong Kong introduced the Inland Revenue (Amendment) Ordinance 2010 in January in order to enable Hong Kong to adopt the latest international standard for exchange of information, i.e. the Organisation for Economic Co-operation and Development (“OECD”) 2004 Model Tax Convention Exchange of Information (“EoI”) Article. The Amendment Ordinance and the Inland Revenue (Disclosure of Information) Rules have commenced to operate on 12 March 2010. With the commencement of the new legislation, Hong Kong can enter into Comprehensive double taxation agreements (“CDTAs”) based on OECD 2004 version of EoI Article. As anticipated, this has accelerated Hong Kong’s treaty negotiations with other countries and Hong Kong has just signed three CDTAs with Brunei, the Netherlands and Indonesia on 20, 22 and 23 March 2010 respectively.
For details, please click here. (26 Mar 2010)
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