Orders on double taxation with Romania, Russia gazetted in Hong Kong

The orders implement the Comprehensive Agreements for the Avoidance of Double Taxation (CDTAs) with Romania and Russia were gazetted in Hong Kong on Friday.

The two orders were made by the Hong Kong chief executive under the Inland Revenue Ordinance on Friday.

"The CDTAs ensure that investors will not have to pay tax twice on a single source of income. In simple terms, the CDTAs will bring tax savings and a higher degree of certainty on taxation liabilities for investors from the respective places when they engage in trade and investment activities with Hong Kong and vice versa," a spokesman for the Hong Kong government said.

The orders will be tabled at the Hong Kong Legislative Council on May 18 for negative vetting. The CDTAs will enter into force after both Hong Kong and the treaty partners have completed their ratification procedures.

Hong Kong signed the CDTAs with Romania and Russia in November 2015 and January 2016 respectively.

(APD)