Minister Primorac Signs Agreement on Avoidance of Double Taxation in Hong Kong

Minister of Finance Marko Primorac has signed the Agreement on the Avoidance of Double Taxation on Income and Property and the Prevention of Tax Evasion and Avoidance of Tax Payment between the Governments of the Republic of Croatia and the Special Administrative Region of Hong Kong of the People’s Republic of China in Hong Kong, the Ministry of Finance announced on Friday.

– By signing and coming into effect of this agreement between the two states, numerous tax reliefs will be achieved for all types of income, and conditions for increasing mutual exchange of goods and services will be improved. Furthermore, the level of overall economic activity will increase, enabling further development and strengthening of bilateral relations – it is emphasized in the statement published on the Ministry’s website.

The Croatian Minister of Finance signed this agreement during his stay in Hong Kong, where, at the invitation of the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Paul Chan, he is participating in the Asian Financial Forum (AFF), alongside numerous prominent high representatives of financial institutions and the business environment.

Minister Primorac participated in the introductory part of the forum in a discussion on the sustainability of financing, fiscal capacity, and potentials for international cooperation in the context of the consequences of the COVID-19 pandemic. He also exchanged views with other panelists regarding economic structural reforms, strengthening the resilience of the economy, and increasing productivity to enhance competitiveness in the global market.

– Minister Primorac outlined the importance of the quality of strategic planning in addressing crisis issues at the national and global levels and highlighted stable Croatian macroeconomic indicators and historically high credit ratings – the Ministry emphasizes.

They report that, at the initiative of representatives of the State of Qatar, Primorac met with the Minister of Finance of Qatar Ali bin Ahmed Al Kuwari.

– The relations between the Republic of Croatia and the State of Qatar are promising and are on a constant rise. The ministers exchanged views on opportunities to strengthen bilateral cooperation in the field of finance and economy – it is stated in the announcement, noting that Minister Primorac informed Minister Al Kuwari about the current economic situation in Croatia, presented the potentials offered by the Croatian economy for future investments, and cooperation with Qatari companies. He also emphasized Croatia’s commitment to activities aimed at maintaining the stability of public finances.

During his official visit to Hong Kong, Minister Primorac also met with representatives of the Hong Kong Chamber of Commerce and the Chinese Chamber of Commerce in Hong Kong, where they discussed previous bilateral and economic activities and potentials for intensifying future investments.

– Minister Primorac acquainted the representatives of the chambers of commerce with reforms, growth trends of the Croatian economy, opportunities for investment development, and extremely positive assessments of Croatia’s investment credit rating. He also expressed readiness for further intensification of bilateral cooperation and called for the establishment of further partnership relations – the Ministry of Finance states.

Minister Primorac also met with the Secretary for Economic and Financial Affairs of the Macao Special Administrative Region, and they discussed the exchange of experiences in the tourism sector, particularly in their high-end segment, the statement concludes.