Hong Kong Government has signed a tax information exchange agreement (TIEA) with six Nordic jurisdictions namely Denmark, the Faroes, Greenland, Iceland, Norway and Sweden.

The accord will allow tax authorities in those countries and Hong Kong to request and get tax information relating to both companies and individuals.

The agreement, which marks as 44th of its kind in the Nordic region, was signed by the special representative for Hong Kong Economic & Trade Affairs to the European Union Linda Lai at the Icelandic Embassy in Paris.

The TIEAs aims at promoting transparency and avoiding double taxation.

Secretary for Financial Services & the Treasury Prof KC Chan said that the deal demonstrates Hong Kong’s continued commitment to promoting tax transparency and avoiding double taxation with its trading and investment partners.

The TIEAs will come into effect following the completion of ratification procedures in Hong Kong and the Nordic jurisdictions.

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By GlobalData

Additionally, Finland and Hong Kong talks regarding a double taxation agreement are at an advanced stage.

Lai said: "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 of America, followed by these six TIEAs with the Nordics.

"As with CDTAs previously signed, these six TIEAs have adopted highly prudent safeguard measures to protect taxpayers’ privacy and confidentiality of information exchanged," Lai added.