Finance officials from Guangdong, Macao, Shenzhen and Hong Kong have signed a memorandum of understanding on tax cooperation within the Greater Bay Area (GBA).
According to a Hong Kong government statement, the deal was inked Tuesday, on the sidelines of the Belt & Road Initiative Tax Administration Cooperation Forum.
The agreement will promote the coordination of tax administration and services in the GBA, officials say, with the aim of creating a more favourable business environment.
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According to a statement from Macao’s Financial Services Bureau, cited by TDM, the memorandum will also enable the signatories to strengthen information exchange as well as collaborate on training.
The deal will see the establishment of regular meetings and a liaison system between the four jurisdictions, TDM reported.
Held in Hong Kong, the three-day Belt & Road Initiative Tax Administration Cooperation Forum gathered more than 400 tax officials, tax experts, as well as representatives from international organisations, academic institutions and enterprises from different countries and regions to discuss emerging tax issues and exchange tax administration experiences.
