This photo dated April 25, 2019 shows the Legislative Council building in Hong Kong. (PHOTO / HKSAR GOVERNMENT)

HONG KONG - The Hong Kong Special Administrative Region (HKSAR) government announced on Wednesday that the Comprehensive Avoidance of Double Taxation Agreements (CDTAs) with Serbia and Georgia will be gazetted on Oct 23.

Under the CDTAs (Comprehensive Avoidance of Double Taxation Agreements), investors will not have to pay tax twice on a single source of income.

HKSASR government spokesman

"Under the CDTAs, investors will not have to pay tax twice on a single source of income. This will bring tax savings and a greater certainty on taxation liabilities for the residents of Hong Kong and the treaty partners when they engage in cross-border trade and investment activities," a spokesman for the HKSAR government said.

ALSO READ: Hong Kong, Serbia ink tax agreement

The two orders will be tabled at the Legislative Council of the HKSAR on Oct 28 for negative vetting. The CDTAs will enter into force after both Hong Kong and the respective treaty partners have completed their ratification procedures.

Hong Kong signed the CDTAs with Serbia and Georgia in August and October this year, respectively. 

READ MORE: HK signs tax pact with Georgia to avoid double taxation