The tax cooperation office for Portuguese-speaking countries and regions has officially been established as part of the taxation bureau of Guangdong-Macao In-Depth Cooperation Zone in Hengqin under the approval of the State Taxation Administration and the guidance of Guangdong Provincial Tax Service.
“The office aims to further strengthen taxation cooperation among members under the tax administration cooperation mechanism of the Belt and Road Initiative, especially that with Portuguese-speaking countries and regions. It is a major ‘going global’ move taken by the Guangdong Provincial Tax Service to offer inclusive and targeted services,” said Liu Li, director of the Department of International Tax Management within the Guangdong Provincial Tax Service, State Taxation Administration.
As the first of its kind in the country, the office will focus on promoting appropriate economic diversification in Macau SAR, enhancing cooperation with the SAR’s financial and taxation departments, fully implementing the nation’s opening-up policy, and creating new prospects for mutually beneficial partnerships.
In addition, the office will mainly serve the needs of Macau-invested enterprises and residents and, by relying on contactless platforms like V-tax, constantly improve the new cross-boundary tax service model to attract more Macau businesses and residents to come to work and live in Hengqin.
Tax reforms will promote more innovative measures and reduce the tax burden involved in cross-border trade.
Currently, there are more than 4,800 Macau-funded companies in Hengqin. From 2019 to 2021, the annual growth of those companies has increased by 47.3%, with annual tax revenue up by 13.5%. MDT/NewsGD
