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BackHong Kong and Laos sign comprehensive double taxation agreement
Hong Kong and Laos sign comprehensive double taxation agreement
NEWS
中国新闻网1 hour agoBusiness1 min readChinaView original

Hong Kong and Laos sign comprehensive double taxation agreement

Hong Konglaosdouble taxation

Quick Look

  • Financial Secretary Paul Chan of Hong Kong and Deputy Prime Minister of Laos Sandipa witnessed the signing of the Comprehensive Avoidance of Double Taxation Agreement.
  • The agreement aims to reduce the withholding tax rate on dividends and interest, promote economic and trade ties between the two places, and strengthen Hong Kong's role as a "super connector".

AI-generated summary

Why It Matters

Hong Kong and Laos signed a comprehensive double taxation agreement. This is the 61st such agreement signed by Hong Kong. Laos is a member of ASEAN and a member of the Belt and Road Initiative.

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China News Service, Hong Kong, October 29th. The Financial Secretary of the Hong Kong SAR Government, Paul Chan, held a meeting with the Lao Deputy Prime Minister and Minister of Finance Sandippa in Hong Kong on the 29th. They jointly witnessed the Hong Kong SAR Government Acting Secretary for Financial Services and the Treasury, Chan Ho-Lin, and the Lao Deputy Minister of Finance, Soulivath Souvannachoumkham (transliteration, Soulivath Souvannachoumkham) signing a comprehensive double taxation agreement on behalf of the Hong Kong SAR Government and the Lao Government respectively.

According to this agreement, any tax paid by Hong Kong residents in Laos can be credited against the tax levied by Hong Kong on the same income in accordance with the Inland Revenue Ordinance (Chapter 112) of Hong Kong. In addition, the withholding tax rate on dividends levied by Laos from Hong Kong residents will be reduced to a minimum of 5% from the current 10%, and the withholding tax rate on interest will also be reduced from the current 10% to 5%.

Chen Maobo said that Laos is a member of ASEAN and a country co-building the "Belt and Road", and has huge potential for cooperation with Hong Kong in the fields of economy, trade and investment. The agreement will help promote economic and trade ties between the two places, further leverage Hong Kong's unique role as a "super connector" and "super value-added person" connecting mainland China and the international market, and create favorable conditions for promoting regional economic integration.

This agreement is the 61st comprehensive double taxation agreement signed by the Hong Kong SAR. Hong Kong has signed such agreements with seven ASEAN member states.

Open Questions

  • What is the specific effective date of the agreement?

Related Topics

Hong Kong
PeopleChen MaobosandipaChen HaolianSuriva Suvarna Dzongkham
OrganizationsHong Kong SAR GovernmentLao governmentLao Ministry of Finance
Placeslaos
Topicslaosdouble taxationChen MaoboOne Belt, One RoadASEAN
This article was originally published by 中国新闻网.

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