Shipping firms told to restructure ownership to avoid US-Hong Kong double tax
Shipping companies that have large exposures in both Hong Kong and the US are being advised to consider alternative business structures or operating models to prevent them being double taxed
Liner carriers in Hong Kong will more easily fall into an even higher tax regime in the US after the previous reciprocal agreement was scrapped, says law firm Mayer Brown. This is because many Hong Kong carriers often meet a criterion under which at least 90% of their US source shipping income is attributable to ‘regularly scheduled transportation’
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