Hong Kong signed in Hong Kong on December 9 an Avoidance of Double Taxation Agreement on shipping income with the government of the Kingdom of Denmark.

Hong Kong's Secretary for Economic Development and Labor Stephen Ip said the agreement covers income derived from shipping from the operation of ships in international traffic, and will accordingly benefit Hong Kong and Danish ship owners as they will be relieved of the burden of double taxation.

He added that Hong Kong already has similar double taxation relief arrangements for shipping income with major trading partners, including Chinese mainland, the United States, the United Kingdom, the Netherlands, New Zealand, the Republic of Korea, Germany, Singapore, Norway and Sri Lanka.

Source: Xinhua