Author Archives: hksar gov

     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, on behalf of the Hong Kong Special Administrative Region Government, signed in Hong Kong today (August 30) a comprehensive avoidance of double taxation agreement (CDTA) with Bangladesh, signifying the Government’s sustained efforts in expanding Hong Kong’s CDTA network, in particular with tax jurisdictions participating in the Belt and Road Initiative. Representing the Government of Bangladesh was the Senior Secretary of the Internal Resources Division and Chairman of the National Board of Revenue of the Ministry of Finance of Bangladesh, Mr Abu Hena Md. Rahmatul Muneem, who was accompanied by the Consul-General of Bangladesh in Hong Kong, Ms Israt Ara.

     This CDTA is the 47th agreement that Hong Kong has concluded. It sets out the allocation of taxing rights between the two jurisdictions and will help investors better assess their potential tax liabilities from cross-border economic activities.

     Mr Hui said, “Bangladesh is one of the economies participating in the Belt and Road Initiative. I have every confidence that this CDTA will further promote economic and trade ties between Hong Kong and Bangladesh, and offer additional incentives for the business sectors of both sides to do business or make investment.”

     Under the Hong Kong-Bangladesh CDTA, Hong Kong companies can enjoy double taxation relief in that any tax paid in Bangladesh, whether directly or by deduction, in accordance with the CDTA will be allowed as a credit against the tax payable in Hong Kong in respect of the same income, subject to the provisions of the tax laws of Hong Kong.

     Moreover, the Hong Kong-Bangladesh CDTA also provides the following tax relief arrangements:

(a) Bangladesh’s withholding tax rates for Hong Kong residents on dividends will be capped at 10 per cent or 15 per cent (depending on the percentage of their shareholdings); and on interest, royalties and fees for technical services will be capped at 10 per cent; and

(b) Hong Kong residents deriving profits from international shipping transport in Bangladesh will enjoy 50 per cent tax reduction in Bangladesh in respect of the profits subject to tax there.

     This CDTA will come into force after the completion of ratification procedures by both jurisdictions. In the case of Hong Kong, it will be implemented by way of an order to be made by the Chief Executive in Council under the Inland Revenue Ordinance (Cap. 112). The order is subject to negative vetting by the Legislative Council.

     Details of the Hong Kong-Bangladesh CDTA can be found on the Inland Revenue Department’s website (www.ird.gov.hk/eng/pdf/Agreement_Bangladesh_HongKong.pdf).

     Hong Kong will continue to negotiate with trading and investment partners with a view to expanding its CDTA network.

      

     â€‹A correctional officer at Lo Wu Correctional Institution stopped a female person in custody attacking a staff member today (August 30).      At 11.56am today, a 27-year-old female person in c… read more

     The Centre for Health Protection (CHP) of the Department of Health is today (August 30) closely monitoring three additional cases of Middle East Respiratory Syndrome (MERS) reported to the World Health Organization (WHO) by Saudi Arabia from September 13, 2022, to August 12, 2023. The CHP again urged the public to pay special attention to safety and take due consideration of the health risks when visiting other places.
 
     According to the WHO, the three additional cases involve three male patients aged 42 to 85 with underlying illnesses. Two have passed away. All had consumed camel milk. Among them, two had exposure to camels.
 
     According to the latest information, 2 605 MERS cases have been reported to the WHO (with 937 deaths).
 
     “We will maintain close communication with the WHO and relevant health authorities,” a spokesman for the CHP said.
 
     “As countries in the Middle East, particularly Saudi Arabia, continue to report MERS cases from time to time, travellers should refrain from going to farms, barns or markets with camels and avoid contact with sick persons and animals, especially camels, birds or poultry. Most of the cases reported in the Middle East had a history of exposure to camels, consumption of camel milk or contact with other MERS patients,” the spokesman said.
 
     “Scientific evidence shows that camels are reservoirs for MERS Coronavirus (MERS-CoV). Camels infected with MERS-CoV may not show any signs of infection. Infected animals may shed MERS-CoV through nasal and eye discharge and faeces, and potentially in their milk and urine. The virus may also be found in the raw organs and meat of infected animals. Therefore, the best protection is to practise good hygiene and avoid direct contact with all of these,” the spokesman added.
 
     From time to time, suspected MERS cases reported to the CHP for investigation involve patients with a history of contact with camels in the Middle East. The CHP strongly advises travel agents organising tours to the Middle East to abstain from arranging camel rides and activities involving direct contact with camels, which are known risk factors for acquiring MERS-CoV.
 
     â€‹Travellers to affected areas should maintain vigilance, adopt appropriate health precautions and take heed of personal, food and environmental hygiene. The public may visit the MERS page of the CHP and its Travel Health Service to learn more about MERS statistics in affected areas. The public should also refer to the CHP’s Facebook page and YouTube channel and the WHO’s latest news for more information and health advice. Tour leaders and tour guides operating overseas tours are advised to refer to the CHP’s health advice on MERS. read more

     Following is the speech by the Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, at the Hong Kong Performing Arts Expo press conference today (August 30):
 
     As an East-meets-West centre for international cultural exchange, Hong Kong enjoys unique advantages under “one country, two systems” while being connected to both the Mainland market and the global stage. These present unparalleled and unrivalled opportunities for Hong Kong’s arts and culture sector. 
      
     To capitalise on our strengths and play to these advantages, the Government considers it an opportune time to organise our own first-ever performing arts market, the Hong Kong Performing Arts Expo, which will take place in October 2024. We have high expectations for the Hong Kong Arts Development Council to develop this unique and important event into a signature branding of Hong Kong in the long run, benefitting the arts and culture sector in Hong Kong.
      
     Immediately after the Expo, Hong Kong will host the 2024 Greater Bay Area Culture and Arts Festival. These two important arts and culture events will synergise and complement each other. Participants can enjoy the high-level offerings of arts groups from the Mainland and worldwide, while at the same time exploring the possibility of tapping into the Greater Bay Area market, as well as further understanding the Chinese culture and promoting cultural exchanges between China and the rest of the world.
      
     The Hong Kong Performing Arts Expo will involve the community and attract visitors to Hong Kong. I am confident that the Expo will be a resounding success. read more

     The effective exchange rate index for the Hong Kong dollar on Wednesday, August 30, 2023 is 105.3 (same as yesterday’s index). read more