Shipshape: Norway's State Secretary to the Ministry of Trade & Industry Helle Hammer and Secretary for Economic Development & Labour Stephen Ip sign the Avoidance of Double Taxation Agreement on shipping.

Hong Kong and Norway today signed an Avoidance of Double Taxation Agreement on shipping.

The agreement will exempt ship owners from the two jurisdictions from paying tax levied on cargo loaded in the other country.

Secretary for Economic Development & Labour Stephen Ip and Norway's State Secretary to the Ministry of Trade & Industry Helle Hammer signed the document.

Mr Ip said: "The agreement is beneficial to both Hong Kong and Norway ship owners. It also strengthens Hong Kong's status as an international shipping centre."

Hong Kong has similar double taxation relief arrangements with major trading partners like the Mainland, the US, the UK, Holland, New Zealand, South Korea and Germany.

Similar agreements are under discussion with other countries, like Greece, India and Belgium.