The 5th Belt & Road Initiative Tax Administration Cooperation Forum (“BRITACOF”) hosted by the Hong Kong Inland Revenue Department was concluded on 26 September 2024.
The 3-day event in Hong Kong attracted about 500 tax officials, tax experts as well as representatives from international organisations, academic institutions and enterprises from nearly 50 countries and regions to exchange insights and enhance closer tax cooperation between governments.
The participants engaged in discussions on five major topics including raising tax certainty, promoting tax administration digitalisation, improving tax environment, reinforcing capacity building of tax administration and optimising tax administration measures in the financial sector.
The 5th BRITACOF achieved, amongst others, the following relevant tax outcomes:
- Signing of a memorandum of understanding (MOU) on tax co-operation within the Great Bay Area (“GBA”) among the finance and taxation departments of Guangdong Province, Shenzhen, Hong Kong and Macau. It will promote the co-ordination of tax administration and services in the GBA and facilitate Hong Kong’s active integration into the overall national development.
- Conducting bilateral meetings separately with representatives from Kazakhstan, Maldives, Tajikistan and Türkiye to discuss deepening tax co-operation at the international and Belt and Road levels.
- Hong Kong has signed its 51st Comprehensive avoidance of double taxation agreement (CDTA) with the Republic of Türkiye .
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