New Zealand has signed a double taxation agreement with Thailand that will reduce costs for businesses doing business in Thailand, Finance Minister Max Bradford and Foreign Minister Don McKinnon announced today in a joint statement. Under Article 151 of the Basic Law, Hong Kong is free to negotiate its own double taxation conventions independently of mainland China (i.e..dem the rest of the People`s Republic of China), using the acronym Hong Kong, China. The territory cannot resort to double taxation agreements that China can enter into, as these treaties only mention taxes on the continent. Mainland China will also not impose double taxation conventions on the territory, since under Articles 106 to 108 of Hong Kong`s Basic Law, it guaranteed the right to maintain an independent tax system without continental interference until 2047. Global agreements to avoid double taxation were reached between Hong Kong and the following countries (with “strong” data: Mr. McKinnon concluded that he was pleased that New Zealand had been able to negotiate the agreement with Thailand, a leading emerging economy in Southeast Asia. “The agreement will help pave the way for stronger economic ties between our two countries.” In addition, under the DBA, Hong Kong airlines flying to Brunei are taxed at the Hong Kong corporate tax rate (which is lower than Brunei`s). Profits from international shipping made by Hong Kong residents but made in Brunei, which are currently taxable in Brunei, will be tax-exempt under the agreement. 2. The competent authority endeavours to resolve the matter by mutual agreement with the competent authority of the other contracting State where the objection appears to be well founded and is unable to find a satisfactory solution to resolve the matter by mutual agreement with the competent authority of the other contracting State, in order to avoid taxation that is not in accordance with the agreement.

Any agreement reached will be transposed into the national legislation of the States Parties, regardless of the possible time frame. The agreement also plays a role in protecting the Treasury by adopting provisions to combat tax evasion and evasion, in part through measures to exchange information between tax authorities. All recent UK double taxation conventions largely follow the Organisation for Economic Co-operation and Development`s (OECD) approach to income and capital tax model. The agreements for the College continue this approach. With regard to the new agreement, Donald Tsang announced that the other point is that this signed agreement will not enter into force until the internal procedures are completed in both countries and that there will be an exchange of diplomatic notes. It could take a few more months. If this process takes place in the 2019 calendar year, the earliest date for the implementation of this agreement would be from 1 January 2020 with regard to withholding tax; for each taxable year beginning January 1, 2020 for other taxes.