Another international taxation information-exchange agreement is now in place, this time with Hong Kong China. This is the 44th of its kind in the Nordic Region.
Since 2007, a unique Nordic project has negotiated a series of agreements with financial centres around the world. The agreement with Hong Kong, which will be signed at a ceremony at the Icelandic Embassy in Paris, is the 44th of its kind, and makes it possible for the tax authorities in the Nordic countries and Hong Kong China to request and obtain tax information concerning both companies and individuals.
The previous agreements have been concluded between a financial centre and all the Nordic countries including Greenland, the Faroe Islands and Åland. In terms of the present agreement, discussions between Finland and Hong Kong China about a double taxation agreement, which will contain a provision on exchange of information, are at an advanced stage.
The countries and Hong Kong now undertake to meet the Global Forum’s demands for transparency and information exchange, as well as fight tax fraud on a global basis.
For constitutional reasons, the agreements are signed on a bilateral basis and enter into force once they have been ratified by the respective parliament.