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Belarus-Hong Kong

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Tax Treaty between Belarus and Hong Kong has Entered into Force

The income and capital tax treaty between Belarus and Hong Kong entered into force on 30 November 2017. The treaty, signed 16 January 2017, is the first of its kind between the two jurisdictions.

Taxes Covered

The treaty covers Belarusian tax on income, tax on profits, income tax on individuals, and tax on immovable property. It covers Hong Kong profits tax, salaries tax, and property tax.

Withholding Tax Rates

  • Dividends - 5%
  • Interest - 5%
  • Royalties - 3% for royalties paid for the use of, or the right to use, aircraft; otherwise 5%

Capital Gains

The following capital gains derived by a resident of one Contracting Party may be taxed by the other Party:

  • Gains from the alienation of immovable property situated in the other Party;
  • Gains from the alienation of movable property forming part of the business property of a permanent establishment in the other Party; and
  • Gains from the alienation of shares in a company deriving more than 50% of its asset value directly or indirectly from immovable property situated in the other Party, with an exception for shares quoted on the Stock Exchange of Hong Kong Limited, JSC Belarusian Currency and Stock Exchange, or any other stock exchanges as may be agreed between the competent authorities of the Contracting Parties.

Gains from the alienation of other property by a resident of a Contracting Party may only be taxed by that Party.

Double Taxation Relief

Both jurisdictions apply the credit method for the elimination of double taxation.

Limitation on Benefits

Article 27 (Anti-Abuse Rules) provides that a benefit under the treaty shall not be granted in respect of an item of income if it is reasonable to conclude that obtaining that benefit was one of the principal purposes of any arrangement or transaction that resulted directly or indirectly in that benefit, unless it is established that granting that benefit would be in accordance with the object and purpose of the relevant provisions of the treaty.

Effective Date

The treaty applies in Belarus from 1 January 2018 and in Hong Kong from 1 April 2018.

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