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Tax Treaties and Free Trade Agreements Create New Opportunities
Following the recent approval by the Legislative Council of the Inland Revenue Disclosure of Information Rules that adopt the latest international standards on the exchange of information, Hong Kong has signed eight comprehensive tax agreements for the avoidance of double taxation and the prevention of fiscal evasion of income tax.
The deals come at the urging of the Organization for Economic Cooperation and Development (OECD), which has asked the Hong Kong government to incorporate a more transparent tax system and shed its reputation as a tax haven. It is being hailed as a breakthrough.
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