On April 12, the tax cooperation office for Portuguese-speaking countries and regions was officially established in 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.

 [Photo: Nanfang Daily]

"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 Department of International Tax Management of 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 Macao SAR, enhance cooperation with the SAR's financial and taxation departments, fully implement the nation's opening-up policy, and create new prospects for win-win cooperation.

"The work focus of the tax cooperation office for Portuguese-speaking countries and regions is in line with Macao's role as the one platform for trade and cooperation between China and Portuguese-speaking countries, as well as the expectations of Macao businesses and residents."

In addition, it will mainly serve the needs of Macao-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 Macao businesses and residents to come to work and live in Hengqin.

Reform in the field of taxation will be deepened to formulate more innovative measures and cut tax costs during the cross-border factors 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%, with an annual tax revenue up by 13.5%.