The Agreement between Hong Kong and Italy for the avoidance of double taxation with respect to taxes on income and the prevention of fiscal evasion, entered into force on 14 August 2015.
The treaty was signed on 14 January 2013 and the provisions of the treaty will come into effect on 1 January 2016 in Italy and on 1 April 2016 in Hong Kong.
According to the official press release (August 14, 2015) release the Secretary for Financial Services and the Treasury, Professor K C Chan stated: "The CDTA between Hong Kong and Italy will bolster the economic and trade connections between the two places, and offer added incentives for companies in Italy to do business or invest in Hong Kong, and vice versa."
In accordance with the provisions of the treaty, the following withholding taxes will apply:
Dividends: 10% withholding tax on dividends
Interest: 12.5 % withholding tax on interest
Royalties: 15% withholding tax on royalties
To view the agreement please
click here.
More information:
Are you interested in setting up a tax efficient offshore company? Visit our
Offshore Company Formation page.
Do you want to open an offshore bank account for your company or yourself? Discover more on our
Offshore Bank page.