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.

1000

Related content

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

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal