Over the years, Singapore has signed various double taxation agreements. While some of the city-states treaties provided for the elimination of double taxation, other conventions were limited to certain incomes. Among Singapore’s limited taxation treaties is also the one with the Hong Kong Special Administrative Region. The following taxes are covered by the Singapore-Hong Kong limited tax agreement which was enforced in 2005:
Other similar taxes will also be covered by the agreement. Moreover, any change to one of the contracting states’ taxation system will be announced to the other party, if the change affects in any way the provisions of the limited tax agreement.
The limited taxation agreement between Singapore and Hong Kong covers both individuals and companies resident of one or both contracting states. The convention specifies that residence in based on registration for taxation purposes within Singapore or Hong Kong.
Income under the Singapore-Hong Kong limited tax convention refers to the revenue resulted from aircraft and shipping undertakings. Income from any of these activities will be exempt from taxation in both contracting states.
The limited taxation agreement between Singapore and Hong Kong stipulates that the avoidance of double taxation will be done as it follows:
For complete information about the provisions of the limited taxation treaty with Hong Kong, you can contact our company formation agents in Singapore.