HK and India agree to expedite tax-cut plan

Chief Executive Donald Tsang invited Indian companies to list in HK bourse as he asked Indian authorities to consider granting visa-free access to HK visitors.

Chief Executive Donald Tsang has begun the first leg of his visit to India, with the Hong Kong and Indian governments agreeing to expedite the conclusion of a comprehensive avoidance of double taxation agreement.
Meeting Minister of Finance Pranab Mukherjee in New Delhi on Wednesday, Mr Tsang highlighted the unique advantages of Hong Kong as a global financial centre at the meeting, according to a government report.

Noting that so far no Indian companies have listed in Hong Kong, the Chief Executive invited them to do so and take advantage of the growing range of renminbi businesses Hong Kong is allowed to undertake. He also proposed increasing the frequencies of flights between the two places, and asked Indian authorities to consider granting visa-free access to Hong Kong visitors, and recognising Hong Kong's arbitral awards.

The Chief Executive attended a briefing organised by a bank in the morning for an update on the latest financial, economic and political developments in India. He then addressed a luncheon co-organised by the Indian Chambers of Commerce & Industries and National Association of Software & Services Companies.

Mr Tsang told participants about the development of information and communications technology in Hong Kong and the city's vision to develop itself into a hub for innovation, technical co-operation and trade.

"I believe there is much in modern day science and technology that Hong Kong and India can offer each other," Mr Tsang said.

Emphasising the rapid growth of the ICT market in Mainland China and the close business relationship between firms in Hong Kong and those on the Mainland, particularly in the Pearl River Delta region, he encouraged Indian enterprises to make use of Hong Kong as a stepping-stone to gain access to the Mainland market.

In the evening, Mr Tsang officiated at the opening ceremony of the Festive Hong Kong Week organised by the Hong Kong Tourism Board.