A tax treaty between Hong Kong and Italy signed January 2013 has entered into force as of August 10, Hong Kong’s Inland Revenue Department has announced.
Hong Kong Secretary for Financial Services and the Treasury, Professor K C Chan, noted that the agreement includes an article on exchange of information which is on par with international standards.
“We believe the entry into force of the CDTA between Hong Kong and Italy would help address any concerns on the part of the Italian authorities about Hong Kong’s commitment to enhancing tax transparency and combating cross-border tax evasion, thus facilitating the removal of Hong Kong from the ‘blacklist’ of Italy as early as possible,” Chan said.
The government said the agreement will be in effect in respect of Hong Kong tax for any year of assessment beginning on or after April 1, 2016.
Hong Kong has signed 32 tax treaties to date.
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