HK, TÃ¼rkiye enter into tax pact

Hong Kong today signed a comprehensive avoidance of double taxation agreement (CDTA) with TÃ¼rkiye.

Signing the agreement on behalf of the Hong Kong Special Administrative Region Government, Secretary for Financial Services & the Treasury Christopher Hui said the CDTA will further promote economic and trade relations between Hong Kong and TÃ¼rkiye, and contribute to the high-quality development of the Belt & Road Initiative through enhanced connectivity.

He explained that while TÃ¼rkiye is participating in the Belt & Road Initiative, the signing of the CDTA at the Fifth Belt & Road Initiative Tax Administration Cooperation Forum highlights the commitment of the two jurisdictions to deepening tax co-operation under the initiative.

âWe will continue to negotiate with trading and investment partners with a view to expanding Hong Kong's CDTA network. This will enhance the attractiveness of Hong Kong as a business and investment hub, and consolidate the city's status as an international economic and trade centre,â he added.

This CDTA is the 51st agreement that Hong Kong has concluded.

According to the Hong Kong-TÃ¼rkiye CDTA, Hong Kong companies can enjoy double taxation relief in that any tax paid in TÃ¼rkiye, whether directly or by deduction, 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 tax laws of Hong Kong.

The Hong Kong-TÃ¼rkiye CDTA also provides other tax relief arrangements.

Representing the TÃ¼rkiye Government was the Commissioner of the Turkish Revenue Administration Bekir Bayrakdar.