The Hong Kong Special Administrative Region (HKSAR) government announced on Wednesday that the Comprehensive Avoidance of Double Taxation Agreements (CDTAs) with Serbia and Georgia will be gazetted on Oct. 23.
"Under the CDTAs, investors will not have to pay tax twice on a single source of income. This will bring tax savings and a greater certainty on taxation liabilities for the residents of Hong Kong and the treaty partners when they engage in cross-border trade and investment activities," a spokesman for the HKSAR government said.
The two orders will be tabled at the Legislative Council of the HKSAR on Oct. 28 for negative vetting. The CDTAs will enter into force after both Hong Kong and the respective treaty partners have completed their ratification procedures.
Hong Kong signed the CDTAs with Serbia and Georgia in August and October 2020 respectively.
