The Chief Executive in Council made five Orders under the Inland Revenue Ordinance (Cap. 112) yesterday (October 22) to implement respectively the Comprehensive Avoidance of Double Taxation Agreements (CDTAs) that Hong Kong signed with Armenia, Bahrain, Bangladesh, Croatia and Türkiye. The Orders will be gazetted on October 25.

     "Under the CDTAs, residents of Hong Kong and the relevant tax jurisdictions will not have to pay tax twice on a single source of income. This will bring them a greater certainty on taxation liabilities and tax savings when they engage in cross-border trade and investment activities. The CDTAs can help encourage enterprises of Hong Kong to conduct business or invest in the tax jurisdictions concerned, and vice versa," a Government spokesman said today (October 23).

     The Orders will be tabled at the Legislative Council on October 30 for negative vetting. The CDTAs will enter into force after both Hong Kong and the relevant tax jurisdictions have completed their respective ratification procedures.

     Hong Kong signed the CDTAs with Bangladesh, Croatia, Bahrain, Armenia and Türkiye in August 2023; and January, March, June and September 2024 respectively, bringing the number of tax jurisdictions that have signed CDTAs with Hong Kong to 51.  Highlights of the five new CDTAs are set out in the Annex.

Ends/Wednesday, October 23, 2024
Issued at HKT 15:00

NNNN