HK, Mexico sign tax treaty

Hong Kong and Mexico today signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
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Financial Secretary John Tsang and Mexican Secretary of Finance & Public Credit Jos? Antonio Meade Kuribre?a signed the agreement in Los Cabos.
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Welcoming the agreement, Mr Tsang said it would strengthen the two-way relationship by encouraging the flow of investment and talent between Hong Kong and Mexico.
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Under the agreement, tax paid in Hong Kong will be allowed as credit against tax payable in Mexico. Mexico's withholding tax for Hong Kong residents receiving interest from Mexico will be capped at 10%. The Mexican withholding tax on royalties will be capped at 10%.
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Profits from international shipping transport earned by Hong Kong residents that arise in Mexico, which are currently subject to tax there, will not be taxed in Mexico under the agreement.
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The agreement will come into force after the completion of ratification procedures on both sides.
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So far, 27 avoidance of double taxation agreements on airline income, six agreements on shipping income and two agreements on airline and shipping income have been reached.

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