Hong Kong and Germany sign double taxation agreement

Hong Kong and the Federal Republic of Germany today (January 13) signed an agreement exempting ship owners from paying double tax.

The Secretary for Economic Development and Labour, Mr Stephen Ip, signed the agreement on behalf of Hong Kong. Germany was represented by its Consul-General, Dr Heinrich Wilhelm Beuth.

"The agreement is beneficial to Hong Kong and German ship owners as it exempts Hong Kong ship owners from paying tax levied on cargo loaded in Germany, and vice versa," said Mr Ip at the signing ceremony. "It also strengthens Hong Kong's status as an international shipping centre."

Hong Kong already has similar double taxation relief arrangements on shipping income with major trading partners, such as the US, mainland China, the Netherlands, the UK, New Zealand and the Republic of Korea.

"Similar agreements are under discussion with other tax administrations, including Greece, Singapore, India and Norway," Mr Ip said.

End/Monday, January 13, 2003