Hong Kong and France sign double taxation, tax evasion agreement
October 22nd, 2010 - 12:34 am ICT by BNO NewsHONG KONG (BNO NEWS) — Hong Kong on Thursday announced that it has signed an agreement with France to avoid double taxation and prevent tax evasion on income and capital.
According to state-run Xinhua news agency, Hong Kong’s Financial Secretary John Tsang and French Minister of Economy Christine Lagarde signed the agreement in Paris Thursday, marking the 15th comprehensive agreement for the avoidance of double taxation by Hong Kong with its trading partners.
“I am fully confident that the agreement we have just signed will represent a win-win for all parties, as Hong Kong continues to ride on the dynamic growth in the Asian region and offers tremendous opportunities to French companies seeking to expand their presence in our region,” Hong Kong Financial Secretary John Tsang said.
The agreement will provide French residents and companies in Hong Kong with tax credits to avoid double taxation. Before the pact, taxes were issued in both France and Hong Kong.
Previous agreements signed with the Chinese mainland include trading partners such as Belgium, Thailand, Luxembourg, Vietnam, Brunei, the Netherlands, Indonesia, Hungary, Kuwait, Austria, the UK, Ireland and Liechtenstein.
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Tags: asian region, avoidance, brunei, chinese mainland, christine lagarde, double taxation, dynamic growth, financial secretary, french companies, french minister, french residents, hong kong bno, john tsang, liechtenstein, pact, tax credits, tax evasion, trading partners, uk ireland, xinhua news agency