Four orders made under the Inland Revenue Ordinance by the Chief Executive in Council to give effect to agreements for avoidance of double taxation on income from shipping and/or air transport have been gazetted.

Hong Kong signed these agreements - with Germany, Norway, Singapore and Sri Lanka - in 2003 and 2004.

Under the agreements, Hong Kong and the four countries will provide reciprocal tax exemption for income, profits and property of aircraft and/or ship operators of the other side derived from operating aircraft and/or ships in their own area.

This benefits the airlines and shipping businesses of both Hong Kong and the four countries.

The orders will be tabled at the Legislative Council on November 24 for negative vetting.