On 19th March Hong Kong and India signed an agreement on avoidance double taxation and reducing tax rates on passive income at source.
The agreement limits withholding tax on dividends to five percent and withholding tax on royalties and interest income to ten percent. Due to absence of an agreement income earned in India is subject to a 20 % tax rate.
The agreement provides that any Indian tax paid by Hong Kong companies will be counted against the tax payable in Hong Kong. Similarly, for Indian companies, the tax paid in Hong Kong will be deducted from the tax payable on the same profits in India.
The agreement also includes Provisions on the exchange of tax information.
On materials of the following website: http://www.cgihk.gov.in/whatsnew.php?id=131
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