Hong Kong and the United Arab Emirates on December 11 signed an agreement for the avoidance of double taxation, Hong Kong’s Inland Revenue Department has announced.
Under the agreement, tax paid in Hong Kong by UAE residents will be allowed as a credit against tax payable in the UAE.
Also, Emirati tax paid by Hong Kong companies doing business through a permanent establishment in the UAE on income that is Hong Kong-source will be allowed as a credit against the tax payable in Hong Kong in respect of the income, subject to the provisions of the tax laws of Hong Kong.
The Hong Kong–UAE agreement also includes an article on exchange of information.
“This is the 32nd comprehensive agreement for the avoidance of double taxation that Hong Kong has signed with its trading partners,” said Hong Kong Financial Secretary, Mr John C Tsang.
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Update: 12/12/2014 –
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