ASIA REGULATORY ROUND UP – HONG KONG STRIKES DOUBLE TAXATION DEAL WITH SAUDI ARABIA
August 1st, 2017
HONG KONG and Saudi Arabia has struck an agreement on avoiding double taxation so any Saudi Arabian tax paid by Hong Kong companies will be credited against tax payable on the same profits in the special administrative region. The same would apply to Saudi companies paying tax in Hong Kong. Also, Saudi Arabia's withholding tax rate for Hong Kong residents on royalties (currently 15%) will fall to 8%, and 5% for royalties are generated by using industrial, commercial or scientific equipment. Hong Kong airlines operating flights to Saudi Arabia will be taxed at ...
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