A Double Taxation Agreement has been signed between Hong Kong and Malta and is awaiting ratification. Hong Kong's Secretary for Financial Services and the Treasury Professor K C Chan and the Ambassador for Malta to China, Joseph Cassar, signed the agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income in Hong Kong on the 8th November 2011. The Agreement distributes taxing rights between the two states and provides for beneficial maximum tax rates on different types of income.
Discussions on the agreement had initiated as recent as in January 2010 during a working visit to Hong Kong by parliamentary secretary Dr Jason Azzopardi. Tax Administration officials from Malta and Hong Kong had subsequently continued the discussions which proved efficient and successful, solidifying the healthy bilateral relationship between the two states. The result is an agreement in line with the OECD Model Tax Convention on Income and on Capital, particularly in relation to exchange of information, and current internationally accepted standards. It also follows recent tax treaties concluded by Malta and Hong Kong SAR.
During the signing ceremony, Ambassador Cassar expressed admiration and gratitude for the effort made by both states and augured that this is only one of many other bilateral agreements in the future. Ambassador Cassar noted that there were many historical ties between Malta and Hong Kong and hoped that these would continue to be strengthened future economic, commercial and political exchanges between them.
Ambassador Cassar also met entrepreneurs from Hong Kong and Macau interested in conducting business with Malta highlighting Malta’s social and economic development that made Malta so attractive to foreign investors. The Agreement will further help investors to better assess their potential tax liabilities from cross-border economic activities between the two states.
A Double Taxation Agreement has been signed between Hong Kong and Malta and is awaiting ratification. Hong Kong's Secretary for Financial Services and the Treasury Professor K C Chan and the Ambassador for Malta to China, Joseph Cassar, signed the agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income in Hong Kong on the 8th November 2011. The Agreement distributes taxing rights between the two states and provides for beneficial maximum tax rates on different types of income.
Discussions on the agreement had initiated as recent as in January 2010 during a working visit to Hong Kong by parliamentary secretary Dr Jason Azzopardi. Tax Administration officials from Malta and Hong Kong had subsequently continued the discussions which proved efficient and successful, solidifying the healthy bilateral relationship between the two states. The result is an agreement in line with the OECD Model Tax Convention on Income and on Capital, particularly in relation to exchange of information, and current internationally accepted standards. It also follows recent tax treaties concluded by Malta and Hong Kong SAR.
During the signing ceremony, Ambassador Cassar expressed admiration and gratitude for the effort made by both states and augured that this is only one of many other bilateral agreements in the future. Ambassador Cassar noted that there were many historical ties between Malta and Hong Kong and hoped that these would continue to be strengthened future economic, commercial and political exchanges between them.
Ambassador Cassar also met entrepreneurs from Hong Kong and Macau interested in conducting business with Malta highlighting Malta’s social and economic development that made Malta so attractive to foreign investors. The Agreement will further help investors to better assess their potential tax liabilities from cross-border economic activities between the two states.