Us Hong Kong Tax Agreement

The Foreign Ministry said in a statement that the agreements put an end to ”the surrender of fugitive offenders, the transfer of convicted persons and reciprocal tax exemptions for income from the international operation of ships.” President Donald Trump had previously said that Hong Kong was no longer eligible for continued preferential treatment from the United States. The three agreements concern the surrender of refugees, the transfer and sentencing of convicted prisoners, as well as reciprocal tax exemptions on income from international shipping. ”The agreement is based on the objectives of combating global tax evasion and meeting Hong Kong`s international obligations to promote tax transparency,” Financial Services Minister and Finance Professor Chan Ka-keung said after the tiea was signed. In addition, it must contain strict safeguards to protect taxpayers` privacy and the confidentiality of the information exchanged. However, to do this, an additional intergovernmental agreement will be needed, as such a report may be contrary to Hong Kong`s data protection legislation. The end of the deals follows U.S. President Donald Trump`s order last month to end Hong Kong`s special status under U.S. law, in order to punish China for what he called ”oppressive actions” against the former British colony. HONG KONG ( ) — A tax information exchange agreement signed Tuesday between Hong Kong and the United States is set to become the first Tax Information Exchange Agreement (TIEA) signed by Hong Kong using the applicable legal framework established last July. The government has already acted to end the special trade and commercial privileges Hong Kong enjoyed and is sanctioning Hong Kong and Chinese officials, including Hong Kong`s pro-China leader Carrie Lam, who helped enforce the new security law. Hong Kong`s pension system is considered by Hong Kong`s public policies to be a ”three-pillar system”.

Hong Kong has a private system based on contributions, supplemented by government old-age benefits as needed. However, the private system is divided into two pillars: compulsory contributions and voluntary contributions. Contact us! We have a team of experts who tax advice expats and give you all the information you need to know to file your EXPAT TAX RETURN IN THE US while you live outside the country. As provided by the Hong Kong Inland Revenue Department: Technically, this income exemption applies to both jobs in Hong Kong and non-Hong Kongers….

oktober 13, 2021 · Bertil · No Comments
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