Hong Kong Tax News Flash

Aug 2020, Issue 12

The US notified Hong Kong of the termination of the shipping agreement

The US Department of State officially notified Hong Kong on August 19, 2020 of the suspension or termination of three bilateral agreements signed between Hong Kong and the US, including the Agreement concerning Tax Exemption from the Income Derived from the International Operation of Ships (the Shipping Agreement).

While the effective date and further execution details of the suspension or termination of the Shipping Agreement are yet to be clarified, this news flash highlights some of the considerations and potential impact for shipping groups that may be affected by this development.

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Charles Lee

South China (incl. Hong Kong SAR) Tax Leader, PwC China

Tel: +[852] 2289 8899

Jeremy Ngai

China South Tax Leader, PwC Hong Kong

Tel: +[852] 2289 5616

Jeremy Choi

Partner, PwC Hong Kong

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Rex Ho

Asia Pacific Financial Services Tax Leader, PwC Hong Kong

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Cecilia Lee

Partner, PwC Hong Kong

Tel: +[852] 2289 5690

Jenny Tsao

Consumer Markets Tax Leader, PwC Hong Kong

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Kenneth Wong

Partner, PwC Hong Kong

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Cathy Kai Jiang

Partner, PwC Hong Kong

Tel: +[852] 2289 5659

Agnes Wong

Partner, PwC Hong Kong

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Emily Chak

Partner, PwC Hong Kong

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