Hong Kong And Russia Sign Double Taxation Agreement
Hong Kong And Russia Sign Double Taxation Agreement
Introduction
Hong Kong and Russia signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (‘Russia Hong Kong Double Tax Agreement’ or ‘Agreement’) on 18 January 2016. This is the 34th double taxation agreement signed by Hong Kong and it is expected to boost economic and trade connections between Hong Kong and Russia.
The underlying purposes of the Russia Hong Kong Double Tax Agreement are to facilitate business and improve capital flows between Russia and Hong Kong, minimise the incidence of double taxation between the two counties, and limit fiscal evasion in accordance with international standards on transparency. An important advantage of the Agreement is that it will enhance Hong Kong’s position as an international investment hub, making Hong Kong a gateway for the flow of capital between Russia and Mainland China. Read more