Tax Newsletter - Second Edition 2013: A Review Of PRC And Hong Kong Tax Developments

by DLA Piper
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In This Issue:

*CHINA:

- HEADQUARTER AND BRANCHES VAT FILING UNDER THE VAT PILOT PROGRAM

- FURTHER CLARIFICATION ON BENEFICIAL OWNERSHIP OF DIVIDENDS UNDER DTA WITH HONG KONG

- PE ON SECONDMENT ARRANGEMENT?

- STRENGTHENING THE ADMINISTRATION OF VALUE-ADDED TAX AND CONSUMPTION TAX UPON EXPORT

- ADMINISTRATIVE MEASURES FOR REGISTRATION OF FOREIGN DEBTS

- UPDATE ON NEWLY SIGNED TAX TREATY HONG KONG

*HONG KONG:

- STAYING (SAFELY) BEHIND THE CURVE

- MIXED MESSAGES

- UPDATES ON TAX TREATIES

*INTERNATIONAL CORNER:

- DOING BUSINESS WITH EU CUSTOMERS

- Excerpt from UPDATES ON TAX TREATIES:

- KUWAIT:

The Comprehensive Agreement for the Avoidance of Double Taxation (CDTA) formally signed between Hong Kong and Kuwait on 13 May 2010 has now come into force on July 24, 2013 after completion of ratification procedures on both sides. It shall apply to any year of assessment beginning on or after April 1, 2014.

- JERSEY:

The CDTA agreement between Hong Kong and Jersey signed in February last year has also come into force on July 3, 2013, after completion of ratification procedures on both sides. According to paragraph 2 of Article 27 of the Jersey and Hong Kong CDTA, it shall apply to any year of assessment beginning on or after April 1, 2014.

QATAR AND GUERNSEY -

In addition, Hong Kong signed a CDTA with Guernsey on 22 April 2013 and another CDTA with Qatar on 13 May 2013. The CDTAs will bolster the economic and trade connections between the jurisdictions and offer added incentives for companies in Qatar and Guernsey to do business or invest in Hong Kong. The CDTAs will also bring a higher degree of certainty and clarity on taxation liabilities for investors from these two jurisdictions. Following the signing, Hong Kong has CDTAs with 29 jurisdictions (including signed CDTAs with pending ratification).

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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