Tax rate on interest in Ireland will be reduced to 10%, while the uk faces generally exempt from this tax, provided that acknowledgment is received that benefit from the interest will go to residents of another state. Since the entry into force of the Agreement between Hong Kong and Britain repealed the existing agreements on the Limitation of double taxation on income of airlines and ships. In this area will be provided similar to the above benefits. By agreement between the Hong Kong and Ireland, Hong Kong airline, flying to Ireland, will be taxed at the rate of Hong Kong's corporate tax. Income received in Ireland from international ship traffic, carried out by residents of Hong Kong, is currently taxable, will be exempt from paying it in accordance with the Agreement. Agreement on the Avoidance of Double Taxation provides the latest standards of the oecd exchange of information on taxes, controlled by this agreement. This applies to tax on total income or on elements of income, including taxes on income derived from the alienation of movable or immovable property, as well as capital gains tax. The existing taxes to which this Agreement is accordingly: income tax, payroll tax and property tax – Hong Kong (for details see 'tax rates Hong Kong '); income tax, corporation tax and tax on capital gains – in the uk (for details see' tax rates in the uk '); income tax, income tax, corporation tax and tax on capital gains – in Ireland.
Agreement will come into force after ratification by all parties, and their provisions will take effect from the next calendar day. Hong Kong is actively signing comprehensive agreements on avoidance of double taxation (see the news 'Hong Kong widens the list of agreements on avoidance of double taxation'). In the absence of an opportunity to negotiate agreements on avoiding double taxation with Some jurisdictions, Hong Kong will seek to enter into agreements with appropriate partners to reduce double taxation on income of airlines and ships. So far, managed to make 27 such agreements relating to the income of airlines, 6 agreements for income ships and 2 of the agreement with respect to income of airlines and ships.