Hong Kong Company Formation- Company Formation, offshore company formation, offshore company, limited company
Hong Kong Company Formation: Double Taxation
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In August 2006, a comprehensive double taxation arrangement was signed between the Mainland of China and Hong Kong. The Arrangement has effect in respect of income derived from the Mainland on or after 1 January 2007 and income derived from Hong Kong in any year of assessment commencing on or after 1 April 2007. The Arrangement covers profits tax, salaries tax and property tax, whether or not the tax is charged under personal assessment, in Hong Kong; and individual income tax and enterprise income tax in the Mainland.
Besides, Hong Kong concluded comprehensive double taxation agreements with Belgium, Thailand, Luxembourg, Vietnam, Brunei, the Netherlands, Indonesia, Hungary, Kuwait, Austria, the United Kingdom, Ireland, Liechtenstein, France, Japan, New Zealand, Switzerland, Portugal, Spain and the Czech Republic respectively. The agreements detail the allocation of the taxing right on income chargeable under the Inland Revenue Ordinance as well as special provisions on the implementation of the agreements.
In addition, Hong Kong has concluded double taxation relief arrangements on airline and shipping income with other countries. Our legislation has also been amended to provide reciprocal exemption of taxation on shipping income with effect from 1 April 1998.
Please refer to our website www.ird.gov.hk for a complete list of the various double taxation agreements concluded by Hong Kong with the respective dates of signature and the coming into effect.