Hong Kong gazetted an order to implement the Double Tax Treaty Arrangement (“DTTA”) with Macau,
The DTTA, which was signed on 19 November 2019, comes into force after ratification process by both parties is finalised.
With the double tax treaty arrangement - is the 43rd comprehensive agreement/arrangement signed by Hong Kong – the following key benefits shall be reached:
Taxes paid by Hong Kong residents in respect of income derived from sources in Macau can be credited against taxes liabilities on the same income generated in Hong Kong;
Profits form cross-boundary shipping, air and land transport earned by a Hong Kong resident in Macau will be exempted from tax in Macau;
Income derived in Macau from eligible teachers or researchers employed in Hong Kong conducting teaching or research activities at recognised institutions paid by Hong Kong employers will be exempted from tax in Macao for a period not exceeding three years, provided that the income is subject to tax in Hong Kong and the research is undertaken in the public interest.
About the Author
Marco is a Banker, MBA (finance and accounting) and qualified lawyer (LL.M international business and tax law) with 30+ years of working experiences gained within leading Commercial & Private Banking Institutions, Wealth Management Organisations and Financial Service Provider located in Europe and the APAC Region.
Marco is focused on advisory services and project management in the field of
AEoI, FATCA, EU-DAC6, OECD-CRS;
U.S Qualified intermediary regime (QI);
Withholding Tax on Capital gains and Investment Income
Securities transaction tax (stamp tax); and
Austrian, German, Hong Kong, Swiss and U.S. International Tax Law