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HK, UK Sign Double Taxation Agreement on Shipping
The Hong Kong Special Administrative Region (HKSAR) and the United Kingdom signed the Avoidance of Double Taxation Agreement in Hong Kong Wednesday.
The agreement, which exempted owners of Hong Kong ships from paying tax levied on cargo uplifted in the U.K., and vice versa, further strengthened Hong Kong's status as the international maritime center in Asia, Secretary for Economic Services of Hong Kong Sandra Lee said at the signing ceremony.
"The Agreement is not only beneficial to Hong Kong shipowners but also their counterparts in the U.K," she said.
Hong Kong has already reached double taxation agreements on shipping with its major trading partners including the United States and the Chinese Mainland.
"Similar agreements are under discussion with about 20 other tax administrations, including Germany, Greece, Australia and Denmark," Lee said.
The agreement was signed by Lee and British Consul-General in the HKSAR Sir James Hodge.
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