ASIA REGULATORY ROUND UP – HONG KONG STRIKES DOUBLE TAXATION DEAL WITH RUSSIA
January 1st, 2016
THE HONG Kong government has signed an avoidance of double taxation agreement with Russia. It will prevent Hong Kong companies with a permanent establishment in Russia being taxed in both jurisdictions. Russian tax paid by Hong Kong companies will be credited against the tax payable in Hong Kong. Meanwhile, taxes paid in Hong Kong by Russian residents in the special administrative area will be credited against tax payable on the same income in Russia. Moreover, Russia's withholding tax rate on royalties, currently 20% for companies and 30% for individuals, will ...
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