Greater Freight Tax Burdens HK's Shipping Firms

Hong Kong's failure to secure double tax deals with some countries have resulted in shipping companies incurring a greater freight tax burden, says the South China Morning Post.

 

The Post says the lack of tax agreements is the reason why several container shipping and bulk shipping companies have relocated their operations to jurisdictions such as Singapore, which has more than 60 double taxation agreements. Hong Kong has only 22 such deals.

 

To avoid paying extra tax, Hong Kong's shipping companies would result to spot charters through firms in countries where there was a double tax agreement, says the Post.

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