The Hong Kong Inland Revenue has announced that the Chief Executive in Council has issued five orders to ratify upcoming tax treaties with Armenia, Bahrain, Bangladesh, Croatia, and Turkey on 23 October 2024.
The Orders will be gazetted today, 25 October 2024.
“Under the Comprehensive Double Taxation Agreements (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 in Hong Kong to conduct business or invest in the tax jurisdictions concerned, and vice versa,” a government spokesman said.
The Orders will be tabled at the Legislative Council on 30 October 2024 for negative vetting. The CDTAs will enter into force after Hong Kong and the relevant tax jurisdictions have completed their ratification procedures.
Hong Kong signed the CDTAs with Bangladesh, Croatia, Bahrain, Armenia and Turkey 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.
