HONG KONG AND VIETNAM SIGN 2ND PROTOCOL TO COMPREHENSIVE AGREEMENT ON AVOIDANCE OF DOUBLE TAXATION

The second protocol upgrades the Exchange of Information Article in the Agreement to the 2004 version of the Organisation for Economic Co-operation and Development. The Article requires the contracting parties, upon receiving a request for information, to exchange information even when there is no domestic tax interest involved. The second protocol will come into force after the completion of ratification procedures and notification by both sides. In the case of Hong Kong, an order is required to be made by the Chief Executive in Council under the Inland Revenue Ordinance. The order is subject to negative vetting by the Legislative Council.

Details of the Second Protocol to the Agreement for the Avoidance of Double Taxation between Hong Kong and Vietnam. Please click here or you can be found on the Inland Revenue Department website at

www.ird.gov.hk/eng/pdf/Protocol_Vietnam_HongKong.pdf.