Hong Kong-Romania Double Taxation Agreement enters into force

The new Hong Kong-Romania agreement for the avoidance of double taxation and prevention of fiscal evasion (the “DTA”) which was signed in 2015 came into force on 21 November 2016 after the completion of ratification procedures by both contracting states. It will apply with respect to income derived on or after 1 January 2017. The tax treaty aims to confirm the allocation of taxing rights between the two countries and reducing the effect of double taxation....