Hong Kong and Nigeria enter into tax pact
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, had an online bilateral meeting today (July 13) with the Minister of Finance and Co-ordinating Minister for the Economy of Nigeria, Mr Taiwo Oyedele, and signed on behalf of the Hong Kong Special Administrative Region Government a comprehensive avoidance of double taxation agreement (CDTA) with the Government of Nigeria.
At the meeting, Mr Hui highlighted to Mr Oyedele the latest developments of Hong Kong as an international financial centre, including its top-tier global positions in areas such as cross-boundary wealth management, global competitiveness and tax policy. Besides, with a view to developing Hong Kong into a global gold trading, clearing, and reserve hub, the Government recently commenced the trial operation of Hong Kong's new central clearing and settlement system for gold, together with a suite of targeted initiatives aiming to build a modern and full-chain gold trading ecosystem.
Mr Hui said, "Nigeria is the most populous country in Africa, and its gross domestic product ranks third on the continent. Nigeria is a participant in the Belt and Road Initiative and an important trading partner of Hong Kong in Africa. As I pointed out earlier, the continued expansion of our CDTA network, especially with economies along the Belt and Road, provides Hong Kong-based enterprises with greater tax certainty and avoidance of double taxation when expanding their business overseas. This can encourage corporations to centralise their fund management, asset allocation and risk management in Hong Kong. This is the 59th CDTA that Hong Kong has concluded and also the fourth one this year. We will continue to step up our efforts in this regard, aiming to create a more attractive business and investment environment."
This CDTA sets out the allocation of taxing rights between Hong Kong and Nigeria. In accordance with this CDTA, any tax paid by Hong Kong residents in Nigeria will be allowed as a credit against the tax payable in Hong Kong in respect of the same income, subject to the provisions of the Inland Revenue Ordinance (Cap. 112) (IRO). Moreover, Nigeria's withholding tax rates for Hong Kong residents on dividends and interest, and for Hong Kong companies on royalties, which are currently at 10 per cent, will be reduced to 7.5 per cent.
The CDTA will come into force after completion of ratification procedures by both sides. In Hong Kong, the Chief Executive in Council will make an order under the IRO, which will be tabled at the Legislative Council for negative vetting. Details are available on the Inland Revenue Department's website.
Hong Kong and Nigeria enter into tax pact Source: HKSAR Government Press Releases
Hong Kong and Nigeria enter into tax pact Source: HKSAR Government Press Releases
Hong Kong and Nigeria enter into tax pact Source: HKSAR Government Press Releases
SED attends seminar on enhancing basic research in higher education institutions
The Secretary for Education, Dr Choi Yuk-lin, today (July 13) attended a seminar on enhancing basic research in higher education institutions in Beijing. She elaborated on the policy measures by the Hong Kong Special Administrative Region (HKSAR) Government to fully support the sustainable development of the local basic research ecosystem. She also put forward proposals on further deepening co-operation between higher education institutions in Hong Kong and the Mainland in the field of basic research.
Higher education institutions play a pivotal role in advancing the country's strategy of invigorating the country through science and education. Meanwhile, possessing robust strengths in basic research, the HKSAR Government has been working closely with the University Grants Committee (UGC) and the Research Grants Council (RGC) to provide comprehensive support for the development of the basic research ecosystem.
Speaking at the conference, Dr Choi said that in terms of strengthening investment in scientific research and deepening collaborative innovation among industries, universities, and research institutes, the Government has continuously expanded the scale of research funding. A new round of the Research Matching Grant Scheme with a funding of $1.5 billion has been launched. Through the General Research Fund and the Early Career Scheme, nearly 1 500 basic research projects are being funded in the current academic year. Meanwhile, the RGC provides the Collaborative Research Fund and the Research Impact Fund to promote interdisciplinary and collaborative research across various sectors. In addition, the UGC is conducting the Research Assessment Exercise 2026 to assess research outputs in accordance with international standards.
On expanding the pool of basic research talent, the Government has progressively increased the number of UGC-funded research postgraduate places to 7 200. The quota for the Hong Kong PhD Fellowship Scheme has also been increased to 400, attracting more than 3 800 outstanding students from around the world to Hong Kong to date. The RGC also supports young scholars through various schemes under the Junior Research Fellow Scheme. Notably, the newly introduced Overseas Research Fellowship Scheme this year provides 40 slots annually to support local scholars in conducting collaborative research at top-tier overseas institutions.
"We are committed to deepening international co-operation and global engagement. Collaborative research projects between Hong Kong universities and their Mainland and overseas counterparts have increased from around 4 200 in 2014 to over 7 700 in 2025, among which collaborations with Mainland institutions and scientific research organisations have grown to over 3 900. Apart from establishing joint research schemes with France, Germany, the United States and the European Union, the RGC has also deepened co-operation with the National Natural Science Foundation of China to support key national areas such as AI, life and health, and green energy. The RGC will also host a Research Summit in December this year to further enhance Hong Kong's international academic influence," said Dr Choi.
To further strengthen co-operation in basic research between higher education institutions in the two places, Dr Choi put forward four proposals at the conference, which include enhancing the development of international academic collaboration networks between both sides, actively participating in and contributing to major national research projects, strengthening basic research collaboration between Guangdong and Hong Kong, and facilitating the mobility of scientific research personnel.
The HKSAR Government will continue to deepen collaboration within the Guangdong-Hong Kong-Macao Greater Bay Area and global innovation networks in the future, with a view to consolidating the foundation of basic research and providing solid talent support for the country's scientific and technological self-reliance, thereby contributing to the modernisation of the nation.
Dr Choi will return to Hong Kong tonight after attending the seminar.
Source: AI-found images
