Hong Kong and Turkey Strike Tax Pact, Boosting Belt and Road Initiative and Solidifying Trading Relations

Hong Kong and Turkey have reached a consensus on preventing double taxation, a move that will enhance the Belt and Road Initiative. According to the government, Turkey is one of the 30 major trade partners of Hong Kong and plays a significant role in the Belt and Road Initiative.

Eleven years ago, President Xi Jinping launched a project aimed at reviving the historic Silk Road across 140 nations. This involves the construction of highways, harbors, rail systems, and power stations to facilitate commerce, supported by financial aid from the Chinese government's development bank.

"This achievement serves as a concrete example of Hong Kong's resolve to broaden equity tax trading," stated Chief Executive John Lee Ka-chiu on Tuesday. He further emphasized "our dedication to enhancing connections and relationships with emerging local economies."

During the 5th Belt and Road Initiative Tax Administration Cooperation Forum, Lee made this statement. This three-day gathering, held at the Asia WorldExpo, has drawn the attention of over 400 tax professionals, specialists, and scholars.

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China's President, Xi Jinping, presents an 8-point plan for the country's Belt and Road Initiative at a conference.

Since 2003, Hong Kong has finalized 50 comprehensive agreements to prevent double taxation, according to Lee. 60% of these accords are with Belt and Road regions. The tax treaty inked with Turkey this Tuesday marks Hong Kong's 51st such agreement.

According to information released by the Trade Development Council of the city, Turkey ranked as the 29th biggest trade ally of Hong Kong last year.