Termination of United States-Hong Kong shipping agreement; effective January 1, 2021
United States-Hong Kong shipping agreement
The IRS today released an advance version of Announcement 2020-40 announcing that the United States-Hong Kong shipping agreement will terminate January 1, 2021, and will be effective for tax years beginning on or after January 1, 2021.
Read Announcement 2020-40 [PDF 38 KB]
In August 2020, the U.S. State Department informed the Hong Kong authorities that the United States-Hong Kong International Shipping Agreement had been suspended or terminated. At that time, the exact treatment or termination date was not yet established. Read TaxNewsFlash
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