Two orders on the avoidance of double taxation with Korea and the second protocol to the agreement with Vietnam were gazetted today.
Made under the Inland Revenue Ordinance, the avoidance agreement with Korea is to ensure investors do not pay tax twice on a single source of income, while the second protocol to the Vietnamese agreement enables the exchange of information arrangement to be compliant with the Organisation for Economic Co-operation & Development standard on transparency and exchange of information.
The orders will be tabled at the Legislative Council on October 22 for negative vetting, and take effect after both Hong Kong and its treaty partners complete their ratification procedures.
Hong Kong signed the agreements with Korea in July and the second protocol to the agreement with Vietnam in January.
