Hong Kong Business News

The three-day 5th Belt & Road Initiative Tax Administration Cooperation Forum (BRITACOF) opened today at the AsiaWorld-Expo, marking the first time for Hong Kong to host the forum.

Themed "Deepening Tax Administration Cooperation for High-Quality Belt & Road Development", the 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.

In his welcome address, Chief Executive John Lee said tax administration plays a crucial role in ensuring sustainable development. Efficient tax systems provide the essential resources for the delivery of public services and infrastructure.

Mr Lee noted that Hong Kong believes transparent and fair tax policies could foster trust among investors, governments and taxpayers.

As a champion of free and multilateral trade, Hong Kong supports the co-ordinated efforts of the international tax community, actively engaging in initiatives designed to bring economies together, he added.

On the margins of the forum, Mr Lee met Commissioner of the State Taxation Administration Hu Jinglin and witnessed the signing of a memorandum of understanding (MOU) on tax co-operation within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) among the finance and taxation departments of Guangdong Province, Shenzhen, the Hong Kong Special Administrative Region and the Macao SAR.

The MOU will promote the co-ordination of tax administration and services in the GBA. The deepened tax co-operation in the GBA can enhance Hong Kong's tax competitiveness and create a more favourable business environment.

Speaking at the welcome dinner, Secretary for Financial Services & the Treasury Christopher Hui said that BRITACOF is a crucial and exemplary international platform designed to enhance co-operation among tax administrations along the Belt & Road.

Mr Hui added that Hong Kong is also fully supportive of the international standard of tax information exchange to avoid tax evasion. By endorsing and implementing these standards, Hong Kong ensures that Belt & Road projects involving Hong Kong companies adhere to the highest international benchmarks in terms of tax governance and transparency.

In addition, during BRITACOF, Mr Hui held bilateral meetings separately with representatives from Kazakhstan, Maldives, Tajikistan and Türkiye to discuss deepening tax co-operation at the international and Belt & Road levels.

This year's 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.

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