Us Hong Kong Tax Agreement

President Donald Trump had already found that Hong Kong was no longer eligible for further preferential treatment from the United States. The three agreements cover the surrender of refugees, transfers and convicted prisoners, as well as mutual exemptions from income from international shipping. This week`s agreement is seen by many as a first step towards implementing FACTA compliance in Hong Kong. To do so, however, additional intergovernmental agreement will be required, as these reports may be contrary to Hong Kong data protection legislation. The end of the agreements follows US President Donald Trump`s order last month to end Hong Kong`s special status under U.S. law to punish China for what he called “oppressive actions” against the former British colony. WASHINGTON (Reuters) — The U.S. State Department said on Wednesday that Washington had suspended or denounced three bilateral agreements with the semi-autonomous city after China introduced a general national security law. It was not immediately known which agreements had been suspended and formally terminated, although other Western nations, which took similar measures, suspended their extradition agreements with Hong Kong. The Ministry of Foreign Affairs said in a statement that the agreements “have put an end to the release of offenders on the run, the transfer of convicted persons and mutual exemptions on income from the international operation of ships.” WASHINGTON (AP) – The Trump administration on Wednesday suspended or denounced three bilateral agreements with Hong Kong on extradition and tax exemptions. HONG KONG – A tax information exchange agreement signed Tuesday between Hong Kong and the United States is expected to become the first tax information exchange agreement (TIEA) signed by Hong Kong under the legal framework set out last July. “The agreement is based on the objectives of combating global tax evasion and meeting Hong Kong`s international commitments to tax transparency,” Financial Services Secretary chan Ka keung said after the signing of TIEA.

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