Hong Kong and Czech Republic ink tax agreement

Hong Kong is still seeking to widen its network of tax agreements with major trading and investment partners.

Hong Kong and the Czech Republic have signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to income taxes, according to a government report.

Secretary for Financial Services & the Treasury Prof KC Chan and Czech Minister of Finance Miroslav Kalousek signed the pact in Prague on Monday.

It is the 21st comprehensive agreement for the avoidance of double taxation concluded by Hong Kong with its trading partners. Other agreements have been signed with Belgium, Thailand, the Mainland of China, Luxembourg, Vietnam, Brunei, the Netherlands, Indonesia, Hungary, Kuwait, Austria, the UK, Ireland, Liechtenstein, France, Japan, New Zealand, Switzerland, Portugal and Spain.

Hong Kong is seeking to expand its network of tax agreements with major trading and investment partners. Where comprehensive agreement for the avoidance of double taxation discussions cannot yet be started, Hong Kong will seek to conclude limited double taxation avoidance arrangements for airline and shipping income with relevant partners. So far, 27 avoidance of double taxation agreements on airline income, six agreements on shipping income and two agreements on airline and shipping income have been reached.