Hong Kong, Turkey agree on double taxation avoidance in boost for Belt and Road Initiative
Turkey is among Hong Kong’s 30 top trading partners and a key country in Belt and Road Initiative, government says
The initiative, introduced by President Xi Jinping 11 years ago to rebuild the ancient Silk Road in 140 countries, involves building roads, ports, railways and power plants to promote trade flow, backed by funding from China’s state-run development bank.
“This milestone is another tangible illustration of Hong Kong’s determination to expand tax trading equity,” Chief Executive John Lee Ka-chiu said on Tuesday. It highlights “our commitment to boosting ties and relations with developing local economies,” he added.
Lee said this at the 5th Belt and Road Initiative Tax Administration Cooperation forum. The three-day event at the Asia WorldExpo has attracted more than 400 tax officials, experts and academics.
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Hong Kong has signed 50 comprehensive avoidance of double taxation agreements since 2003, Lee added, with 60 per cent of them in belt and road jurisdictions. The tax pact signed with Turkey on Tuesday was the 51st agreement that Hong Kong has concluded.
Turkey was Hong Kong’s 29th largest trading partner last year, according to data published by the city’s Trade Development Council.
