“Since the legal framework for entering into TIEAs with other jurisdictions was put in place in July 2013, Hong Kong has so far signed one TIEA with the United States, followed by these six TIEAs with the Nordic countries,” Linda Lai, the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, said, after signing the agreements.
She added that, “as with CDTAs previously signed, these six TIEAs have adopted highly prudent safeguard measures to protect taxpayers’ privacy and confidentiality of information exchanged.”
Each of the TIEAs will become effective after the completion of ratification procedures by Hong Kong and the respective Nordic jurisdictions. In the case of Hong Kong, orders are required to be made by the Chief Executive in Council under the Inland Revenue Ordinance. The orders are then subject to negative vetting by the Legislative Council.
