May 2010 - CTAs with Hungary Kuwait

Hong Kong is actively seeking to establish a network of Comprehensive double taxation agreements (“CDTAs”). Following the enactment of new law in January 2010 to enable it to adopt the latest Organization for Economic Co-operation and Development (“OECD”) standard on Exchange of Information, Hong Kong has in recent months made a breakthrough in international tax treaties. In late March, Hong Kong has signed CTDAs with 3 countries, namely, Brunei, the Netherlands and Indonesia. Please refer to our Hong Kong Tax News, March 2010 for details of these 3 CDTAs. On 12 May (Hungary time) and 13 May 2010, Hong Kong signed 2 additional CDTAs with Hungary and Kuwait respectively.