of getting something better. On the other hand, to refer only to those aspects of agreements which cost the United Kingdom money could get the picture out of focus.
In any case it is extremely difficult to quantify the overall financial effect of an agreement, though in some cases is may be
But for many possible to quantify an immediate cost or gain.
countries the information on which to base an accurate estimate is not available, and any figures that could be produced would be liable to a wide margin or error.
In addition, the introduction of an agreement may lead to an increase in trading income which will affect the costs; or to a change in the composition of the income flowing from one country
to the other.
PART II
CHINA
2.
DOES THE AGREEMENT APPLY TO HONG KONG?
Suggested Answer: No. The colony of Hong Kong is not part of the United Kingdom. Nor, using the wording in Article 3 (definitions), is it at present part of the territory of China "in which the laws relating to Chinese tax [covered by the Agreement] are in force".
3.
WILL THE AGREEMENT APPLY TO HONG KONG AFTER JUNE 1997?
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Suggested Answer: It is not possible to say with certainty as
For example, it this will depend on the situation at that time. would of course depend on whether the Agreement is then still in it could be terminated force in its present or an amended form after 5 years, although I hasten to add I see no reason why it should be; and a material factor would be whether China, the United Kingdom or Hong Kong wished the Agreement to be applied to Hong Kong. In this respect the Committee might like to know that
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