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Hong Kong, Canada sign tax pact

11-11-2012 17:36 BJT

HONG KONG, Nov. 11 (Xinhua) -- Hong Kong signed an agreement with Canada for the avoidance of double taxation and the prevention from tax evasion on income and capital, the authority announced here Sunday.

HK's Secretary for Financial Services & the Treasury Prof. KC Chan signed the agreement in Hong Kong, said a governmental news release.

It is the 26th comprehensive agreement for the avoidance of double taxation concluded by Hong Kong with its trading partners.

Under the agreement, tax paid in Hong Kong will be allowed as a credit against tax payable in Canada. Double taxation will be avoided in that any Canadian tax paid by Hong Kong companies doing business through a permanent establishment in Canada will be allowed as credit against the tax payable in Hong Kong.

Editor:Hu Pengcheng |Source: Xinhua

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