China’s first tax cooperation office for PSCs opens in Hengqin Link copied
Office to promote economic diversification, enhance cooperation with financial and taxation departments, and create new prospects for win-win cooperation.
A tax cooperation office for Portuguese-speaking countries (PSC) and regions – the first ever to be established in China – has opened for business in the taxation bureau of the Guangdong-Macao Intensive Cooperation Zone in Hengqin.
“The office aims to further strengthen taxation cooperation among members under the tax administration cooperation mechanism of the Belt and Road Initiative, especially with PSCs,” said Liu Li, director of the Department of International Tax Management of Guangdong Provincial Tax Service, State Taxation Administration.
“It is a major global initiative taken by the Guangdong Provincial Tax Service to offer inclusive and targeted services.”
As the first of its kind in China, the tax cooperation office will focus on promoting economic diversification in Macao, enhance cooperation with the SAR’s financial and taxation departments, implement China’s opening-up policy, and create new prospects for win-win cooperation.
“The work focus of the tax cooperation office is in line with Macao’s role as a platform for trade and cooperation between China and Portuguese-speaking countries, as well as the expectations of Macao businesses and residents,” Liu Li added.
The office will mainly serve the needs of Macao-invested enterprises and residents and, by relying on contactless platforms like V-tax, improve the new cross-boundary tax service model to attract more Macao businesses and residents to come to work and live in Hengqin.
Taxation will be further reformed to formulate more innovative measures and cut tax costs during the cross-border flow.
Currently, there are more than 4,800 Macao-funded companies in Hengqin. From 2019 to 2021, the annual growth of those companies has increased by 47.3 per cent, with an annual tax revenue up by 13.5 per cent, TDM reported.