Asia-Pacific
Hong Kong, South Africa tax treaty enters into force
A new tax treaty between Hong Kong and South Africa entered into force on October 20, Hong Kong’s Inland Revenue Department . . .
Hong Kong
Asia-Pacific
Hong Kong, Italy tax treaty enters into force
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 . . .
Asia-Pacific
Africa
Hong Kong gazettes orders on tax treaties with South Africa, UAE, and Japan
Hong Kong on May 15 announced that orders were gazetted to implement tax treaties signed with South Africa and the United Arab Emirates and notes exchanged with Japan regarding interpretation of the 2010 Japan/Hong Kong treaty. The tax treaty with South Africa, signed October 2014, reduce. . .
Asia-Pacific
Notes on tax information exchange between Japan and Hong Kong enter into force
Notes exchanged between Japan and Hong Kong confirming the understanding that information concerning additional . . .
Asia-Pacific
Hong Kong signs its first bilateral APA
Hong Kong has entered into its first bilateral advance pricing agreement (APA), concluding an agreement with The Netherlands in June, writes EY. Hong Kong’s APA program became operational in March 2012. For more details, see EY (PDF 111 KB)
Asia-Pacific
Russian government approves tax treaty with Hong Kong
The Russian government has approved a draft tax treaty with Hong Kong, Russian news . . .
Asia-Pacific
China/Hong Kong protocol clarifies tax treatment of investment funds
China and Hong Kong tax officials on April 1 signed the fourth protocol to their tax arrangement, clarifying the conditions under which an investment fund would be qualified for Hong Kong resident status, Hong Kong’s Inland Revenue Department. . .
Asia-Pacific
Hong Kong bill lowers captive insurers’ tax
Hong Kong’s Legislative Council on March 19 passed Inland Revenue (Amendment) (No. 3) Bill 2013 to provide a tax concession for captive insurers to enjoy a 50 per cent reduction in the profits tax on their insurance business of offshore risks.
Asia-Pacific
Hong Kong to change legislative proposal on automatic exchange of tax information
The Hong Kong government on October 12 announced that, in response to its public consultation, it will make changes to a legislative proposal to implement the new international standard on automatic exchange of . . .
Asia-Pacific
Hong Kong and Romania sign tax treaty, text available
Hong Kong’s Inland Revenue Department has announced on its website that Hong Kong signed at tax treaty with Romania . . .
Asia-Pacific
Hong Kong and Germany complete second round of tax treaty negotiations
Hong Kong and Germany completed their second round of tax treaty negotiations on March 6, according to Hong Kong’s Inland Revenue Department. This would be the first comprehensive double . . .
Asia-Pacific
Hong Kong launches consultation on automatic exchange of financial account information
The Hong Kong government on April 24 announced a consultation on legislation to implement automatic exchange of financial account information (AEOI) in tax matters. The legislation is based on prevailing international standards but has . . .
Asia-Pacific
Hong Kong signs TIEAs with Denmark, the Faroes, Greenland, Iceland, Norway, and Sweden
Hong Kong signed tax information exchange agreements with six jurisdictions on August 22: Denmark, the Faroe Islands, Greenland, Iceland, Norway, and Sweden, according to . . .
Asia-Pacific
Hong Kong ratcheting up TP scrutiny of service fee payments to related companies – KPMG
“The Hong Kong Inland Revenue Department (IRD) has investigated service fee payments by taxpayers to their overseas head office or affiliated companies before. The difference now is the IRD expects explicit transfer pricing (TP) support,” writes KPMG in a July 31 tax alert. See: KPMG
Americas
EU tax haven blacklist disputed by OECD and listed countries
OECD tax officials have expressed dissatisfaction with a blacklist of 30 tax havens prepared by the European Commission, as have several countries on the list . . .
Asia-Pacific
Protocol enhancing Hong Kong/Vietnam information exchange enters in force
The second protocol to the agreement between Hong Kong and Vietnam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income has entered into force, Hong Kong’s Inland Revue Department (IRD) announced February 23. The protocol came into . . .
Asia-Pacific
Japan and Hong Kong exchange notes on information exchange
Japan and Hong Kong on December 10 exchanged notes confirming the understanding that information concerning additional taxes will be exchanged, Japan’s Ministry of Finance has announced. The additional taxes are the Japanese inheritance tax, gift tax, consumption tax; and any similar taxes later imposed. See, Japan Ministry of Finance release.
Asia-Pacific
Hong Kong releases forms to apply for resident status for tax treaties
Hong Kong’s Inland Revenue Department, on January 29, released revised forms for companies, partnership, trusts, and other entities to apply for a certificate of resident status for purposes of claiming tax treaty . . .
Americas
Asia-Pacific
Hong Kong/Italy tax treaty published
Hong Kong’s Inland Revenue Department has released the text of a tax treaty signed with Italy on January 14, 2013 . . .
Asia-Pacific
Hong Kong extends profits tax exemption to offshore private equity funds
Hong Kong on July 17 published in its official gazette Inland Revenue (Amendment) (No.2) Ordinance 2015, which extends the profits tax exemption for offshore funds to private equity funds. To qualify for the profits tax exemption, offshore private equity . . .
Asia-Pacific
OECD holds Asia-Pacific regional meeting on BEPS
Tax officials from 21 Asia Pacific countries and organizations attended an OECD regional network meeting on base erosion and profit shifting (BEPS) designed to give more nations a voice in the development of OECD/G20 base erosion profiting shifting (BEPS) plan output. The meeting, held February 12–13 in Seoul, also . . .
Asia-Pacific
Hong Kong consults on measures to implement automatic exchange of information
Hong Kong’s Treasury Branch on April 24 launched a consultation on the legislative regime and operational framework for implementing automatic exchange . . .
Asia-Pacific
Hong Kong budget includes tax benefits for corporate treasury centers and private equity funds
Tax measures in the Hong Kong government’s 2015-16 budget, released February 25, include tax reductions for corporate treasury centers and an extension of the profits tax exemption for offshore funds to private equity funds.. . .
Asia-Pacific
Hong Kong and UAE sign tax treaty
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 . . .
Asia-Pacific
Hong Kong and South Korea sign double tax agreement, text available
Hong Kong and Korea, on July 8, signed an agreement for the avoidance of double tax and fiscal evasion with respect to taxes on income .
Under the agreement, the Korean withholding tax on interest
. . .
Africa
Hong Kong and South Africa sign double tax treaty – text available
Hong Kong and South Africa have signed an agreement for the avoidance of double taxation and . . .
Asia-Pacific
Hong Kong gazettes orders implementing Korea treaty and Vietnam protocol
Orders made by Hong Kong’s Chief Executive in Council under the Inland Revenue Ordinance, to implement Hong Kong’s tax treaty with Korea, signed July 2014, and its second protocol . . .
Asia-Pacific
China SAT revises VAT exemption for cross-border services
China’s State Administration of Taxation (SAT) on August 27 announced revisions to the VAT exemption for cross-border services writes to Dezan Shira & Associates in a Sept. 8 post to the firm’s website. Changes include
. . .
