India paves way to ink dual tax avoidance pact with HK
In order to facilitate information flow from jurisdictions such as Hong Kong for purposes of tracking cases of money laundering and tax evasion, the government on Thursday notified Hong Kong, a special administrative region of China, as specified territory.
This will enable India to enter into a double taxation avoidance agreement with Hong Kong. Recently, the government had notified nine territories and had begun the process of negotiating agreements with them for exchange of information and assistance in collection of income tax.
The nine territories included Bermuda, British Virgin Islands, Cayman Islands, Gibraltar (all British overseas territories), Guernsey, Isle of Man, Jersey (all British Crown dependencies), Netherlands Antilles (an autonomous part of the Kingdom of Netherlands), and Macau (a special administrative region of China).