Tax orders gazetted

May 18, 2012

Three orders made by the Chief Executive in Council under the Inland Revenue Ordinance were gazetted today. They implement avoidance of double taxation agreements with Kuwait, Switzerland and Malta.
 
The deals ensure investors will not have to pay tax twice on a single source of income, and will bring tax savings and a higher degree of certainty on taxation rights to investors when they engage in trade and investment activities with Hong Kong.
 
The orders will be tabled at the Legislative Council on May 23. The agreements will only take effect after both Hong Kong and the treaty partners have completed their ratification procedures.
 
Hong Kong signed the pacts with Kuwait on May 13, 2010, Switzerland on October 4 last year, and Malta on November 8 last year.