Hong Kong Says Yet To Receive Russia's Proposal To Alter Taxation Agreement

BEIJING (UrduPoint News / Sputnik - 14th May, 2021) Hong Kong has not yet received requests from Russia to amend the agreement on double taxation, the Financial Services and the Treasury Bureau of Hong Kong told Sputnik on Friday.

"Hong Kong has not received any requests from the Russian government to amend the agreement on the avoidance of double taxation between Hong Kong and the Russian Federation," the ministry said.

Earlier this week, Russian Deputy Finance Minister Alexey Sazanov said the ministry would propose to revise the taxation accords with Hong Kong, Singapore, and Switzerland.

In March of last year, Russian President Vladimir Putin ordered that income in the form of dividends and interest transferred to accounts abroad would be liable to a 15% tax.

The initiative requires the revision of double taxation avoidance accords with foreign nations. Putin warned that Moscow would unilaterally withdraw from deals with countries that fail to accept the offer.

The changes have so far affected four countries � Cyprus, Malta, Luxembourg, and the Netherlands. Tax treaties with Malta, Cyprus, and Luxembourg have been amended, while the procedure for the denunciation of the agreement with the Netherlands has been launched.