India and Hong Kong have signed a tax agreement to avoid double taxation and tax evasion. The agreement is expected to stimulate the flow of investment, technology and personnel from India to the Hong Kong Special Administrative Region and vice versa, prevent double taxation, and provide for the exchange of information between the two contracting parties.
The Belgian Council of Ministers recently amended their country’s legal structures for trusts and companies from countries considered tax havens to bypass withholding tax. They have reclassified the trust income payments as deemed dividend distributions, which subjects these firms to a 30% withholding tax. Similarly, Taiwanese and French tax authorities both recently bolstered documentation requirements in this regard.