Qianhai to further facilitate HK, Macao tax professionals

The Qianhai authority, the Shenzhen Tax Service of the State Taxation Administration, the Taxation Institute of Hong Kong and the Taxation Association of Macao jointly signed a cooperation framework agreement in Qianhai yesterday morning to further promote the development of Hong Kong and Macao tax-related institutions and individuals in Qianhai.

According to the cooperation framework agreement, the four parties will cooperate in six major aspects, including strengthening policy interpretation to Hong Kong and Macao tax professionals, optimizing government services to the professionals, establishing a training platform for the professionals, supporting the exchange, development and business expansion of the professionals and institutions in Qianhai, exploring the establishment of a standardized system of the tax service industry in Qianhai, and establishing a strategic cooperation mechanism to strengthen cross-department cooperation and coordination between Shenzhen, Hong Kong and Macao.

Zhang Yong, director of the Qianhai authority, said at the signing ceremony that the signing of the agreement is a new opportunity for the development of Qianhai’s tax-related professional service industry.

“Qianhai will roll out more supportive measures for and strengthen exchanges with the Hong Kong and Macao tax-related professionals. The four sides will jointly   hold salon activities on a regular basis, further open the professional qualifications, service standards and industry management fields to Hong Kong and Macao professionals, and continue to optimize the business environment of Qianhai to make Qianhai the ‘first stop’ for the development of Hong Kong and Macao professionals on the Chinese mainland and help Hong Kong and Macao people integrate into the overall development of the country,” Zhang said.

Webster Ng, president of the Taxation Institute of Hong Kong, said that the streamlined procedures for the cross-border practice of Hong Kong and Macao tax-related professionals in Qianhai rolled out by the Qianhai authority this January have attracted more Hong Kong tax professionals to Qianhai.

Official statistics show that a total of 62 Hong Kong and Macao tax professionals and two joint-venture tax agencies have completed cross-border practice registration and administrative registration, respectively.

The Taxation Institute of Hong Kong has assisted 46 Hong Kong tax accountants to obtain cross-border practice qualifications. Under the institute’s help, the third Shenzhen-Hong Kong joint-venture tax agency has completed industrial and commercial registration in Qianhai and will open for business soon.