Hong Kong and China Tax News

29/04/2013 – Hong Kong expands its exchange of information

On 12 April 2013 a new bill was gazetted permitting Hong Kong to accept Tax Information and Exchange Agreements (TIEA). At the same time, the bill proposes to expand the scope of information that can be exchanged.

As a result Hong Kong may soon enter into mere Tax Information Exchange Agreements, which may be good and bad news. It may be good news for foreign tax authorities who may now get information from Hong Kong under a TIEA.
 
Meanwhile, Germany published a new draft Double Tax Agreement (DTA) which largely denies the tax exemption for non-taxed income (Draft Agreement on avoidance of double taxation and double non-taxation).

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