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 with Vietnam, signed January 2014, were gazetted on October 17.
The Hong-Kong-Vietnam protocol introduces exchange of information provisions that are compliant with the OECD standards. The Hong-Kong-Korea agreement provides for relief from double taxation reduces withholding tax rates.
The orders will be tabled at the Legislative Council on October 22 for negative vetting. See, release, highlights of the agreements.
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