4
Kong Government
inspection by Hong Kong
surveyors when they are
first registered in Hong Kong, and every five years thereafter.
Taxation Arrangements
10.
provide
As recommended by the Steering Group, an agreement to
relief from double taxation on the international
operation of shipping was signed between Hong Kong and the
United States in August 1989.
11.
The Hong Kong Government has also decided
also decided to exempt
from profits tax, with effect from the establishment of the new
register on 3 December 1990, profits derived from
(a)
the carriage of passengers, mail, livestock and
goods uplifted in Hong Kong by ocean-going ships
registered on the new register; and
(b)
the
charter
hire of ocean-going
ships,
irrespective of whether ΟΙ not the ships are
registered in Hong Kong.
These exemptions will not apply to income arising from journeys
within the waters of Hong Kong, and between Hong Kong and Macau
and other places within the Pearl River delta. No change will
be made to the present position concerning the taxation of such
income. This intention was announced during the passage of the