Thailand-Hong Kong clinch tax deal

Thailand-Hong Kong clinch deal on avoidance of double taxation and tax evasion

BANGKOK: -- Thailand and Hong Kong have clinched a deal on the avoidance of double taxation and tax evasion, which Thai Foreign Minister Kantathi Suphamongkhon said would pave the way for expanding trade and investment between the Thai kingdom and China.

The agreement was signed here on Wednesday between Mr. Kantathi and Hong Kong's Finance Minister Frederick Ma.

The Thai foreign minister said Hong Kong, as a Special Administrative Region (SAR) of China, plays a vital role in nurturing and strengthening bilateral ties between Thailand and China.

Hong Kong is also a significant gateway between bilateral trade and investment between the two allied economies, he noted.

"The deal will, therefore, benefit both the Thai kingdom and China in helping expand bilateral trade and investment, as well as exchanges of capital, modern technologies and tourists," said the foreign minsiter.

Thailand have signed agreements on the avoidance of double taxation and tax evasion with 50 countries so far, according to Mr. Kantathi.

--TNA 2005-09-08