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 force on January 8, 2015.
The protocol, signed January,13, 2013, will have effect in respect of Hong Kong tax for any year of assessment beginning on or after April 1, 2016, the IRD said.
The protocol upgrades the exchange of information article in the 2008 Hong Kong/Vietnam treaty, requiring the contracting parties to exchange information even when there is no domestic tax interest involved.
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