Hong Kong inks tax pact with Vietnam

To prevent double taxation.

According to a report, Hong Kong and Vietnam signed a second protocol to an agreement on preventing double taxation and preventing fiscal evasion with respect to income tax yesterday.

Secretary for Financial Services & the Treasury Prof KC Chan and Vietnam's Vice Minister of Finance Do Hoang Anh Tuan signed the pact.

This protocol upgrades the exchange of information article, requiring the contracting parties to exchange information upon receiving a request even when there is no domestic tax interest involved.

It will come into force after both sides complete ratification procedures and notify the other.