The Inland Revenue Department continues to be very active in its Double Taxation Relief negotiations with other countries. In 2009, negotiations took place with the following countries:
France (3rd round)
Indonesia (1st round)
Ireland (1st round)
Spain (1st round)
UAE (1st round)
The United Kingdom (2nd round)
And in the first few months of 2010 there have also been negotiations with:
Austria (2nd round)
Brunei (1st round)
Hungry (1st round)
Indonesia (2nd round)
Liechtenstein (1st round)
Switzerland (1st round)
All in all, in addition to the five existing comprehensive double taxation treaties (with Belgium, The People’s Republic of China, Luxembourg, Thailand and Vietnam), Hong Kong is talking to 19 other jurisdictions. There can be no doubt as to the Inland Revenue Department’s commitment to expanding Hong Kong’s treaty network. Each of the prospective treaties is likely to include the OECD 2004 version of the Article on Exchange of Information. Hence, with the enactment of the Inland Revenue (Amendment) (No. 3) Bill 2009 in January 2010, there will be additional pressure on the Inland Revenue Department to ensure that it does in fact implement all the non-legislative safeguards for protecting people’s right to privacy and confidentiality.
{ 2 comments… read them below or add one }
Any idea when talks could begin with the USA?
Then is there an opportunity to make suggestions?
Dear David
When I met with senior officers from the Inland Revenue Department and the Finance Bureau they were very skeptical about any developments regarding a CDTA with the USA in the near future. Indeed I got the impression that such a treaty was very unlikely. Only time will tell.
Roddy