Hong Kong and Rwanda enter into tax pact (with photos)

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     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, had a bilateral meeting with the Minister of Finance and Economic Planning of Rwanda, Mr Yusuf Murangwa, in Hong Kong today (October 9) and signed on behalf of the Hong Kong Special Administrative Region (HKSAR) Government a comprehensive avoidance of double taxation agreement (CDTA) with the Government of Rwanda.

     Mr Hui said, "Rwanda is a participant in the Belt and Road Initiative. The CDTA demonstrates Hong Kong's continuous efforts in deepening co-operation with Belt and Road economies, and is also a significant milestone in promoting the financial, economic and trade connections between Hong Kong and Rwanda. This is the 54th CDTA that Hong Kong has concluded and is also the third one this year. The HKSAR Government will continue to expand Hong Kong's CDTA network to enhance our attractiveness as a business and investment hub, and consolidate the city's status as an international financial and trade centre."

     At the bilateral meeting, Mr Hui highlighted to Mr Murangwa Hong Kong's "dual superpower" as a "super connector" and a "super value-adder", and explored further collaboration to drive high-quality development along the Belt and Road together.

     Mr Hui said, "The CDTA sets out the allocation of taxing rights between Hong Kong and Rwanda, which will enable investors to better assess their potential tax liabilities from cross-border economic activities and enjoy avoidance of double taxation. This will be conducive to creating a more favourable and attractive business environment, thus promoting bilateral trade and investment."

     In accordance with this newly signed CDTA, Hong Kong residents can avoid double taxation in that any tax paid in Rwanda 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 Inland Revenue Ordinance (Cap. 112) (IRO).

     Moreover, Rwanda's withholding tax rates for Hong Kong residents on dividends, interest, royalties and fees for technical services, currently at up to 15 per cent, will be reduced to 7.5 per cent to 10 per cent.

     The CDTA will come into force after completion of ratification procedures by both sides. In Hong Kong, the Chief Executive in Council will make an order under the IRO, which will be tabled at the Legislative Council for negative vetting. Details of the CDTA are available on the Inland Revenue Department's website (www.ird.gov.hk/eng/pdf/Agreement_Rwanda_HongKong.pdf).

Ends/Thursday, October 9, 2025
Issued at HKT 14:36

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The Secretary for Financial Services and the Treasury, Mr Christopher Hui (right), and the Minister of Finance and Economic Planning of Rwanda, Mr Yusuf Murangwa (left), sign on behalf of the Hong Kong Special Administrative Region Government and the Government of Rwanda respectively a comprehensive avoidance of double taxation agreement today (October 9).

The Secretary for Financial Services and the Treasury, Mr Christopher Hui (right), exchanges documents with the Minister of Finance and Economic Planning of Rwanda, Mr Yusuf Murangwa (left), after signing a comprehensive avoidance of double taxation agreement today (October 9).

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Minister of Finance and Economic Planning of Rwanda, Mr Yusuf Murangwa, signed on behalf of the Hong Kong Special Administrative Region Government and the Government of Rwanda respectively a comprehensive avoidance of double taxation agreement today (October 9). Photo shows (from left) the Chief Investment Officer, Rwanda Finance Limited, Mr Jean Marie Kananura; the Chief Executive Officer, Rwanda Finance Limited, Ms Hortense Mudenge; Mr Murangwa; Mr Hui; the Permanent Secretary for Financial Services and the Treasury (Treasury), Mr Andrew Lai; and the Commissioner of Inland Revenue, Mr Benjamin Chan, at the signing ceremony.