The tax authority of southeast China’s Guangdong province has released a set of guidelines for investment in Portuguese-speaking countries, Chinese media reported Thursday.
According to the official Nanfang Daily newspaper, the Guangdong Provincial Tax Service on Wednesday released the first set of tax guides for Chinese investors, covering Portugal, Mozambique and Cape Verde.
The documents include information on the economy, the business environment, tax policies, the tax collection and management system, and the bilateral tax agreements in force in the three countries.
The objective is to “provide references and guidance to companies in the process of becoming global”, said, at the presentation of the guides, the head of the Tax Cooperation Office of the Portuguese-speaking Countries and Regions, Yuan Hongbing.
The documents were published by this office, created in April 2022 in the Zone of Deep Cooperation between Guangdong and Macao, in Hengqin (Mountain Island), adjacent to Macao.
The presentation of the documents took place in this special area, established in 2021, under the joint management of Macao and Guangdong province, one of the most important industrial centers in the world.
In addition to the free circulation of capital, another of the advantages of the cooperation zone, for attracting companies and investments, is the policy of exemption and suspension of taxes on merchandise, whose entry into the entire Chinese market, of more than 1.4 billion people, will be facilitated.
The Hengqin Island Special Area is also home to the Guangdong-Macao Cooperation Traditional Chinese Medicine Science and Industry Park (GMTCM) since 2011.
During the presentation on Wednesday, GMTCM CFO Xie Zhi said the guides will be “very useful” to help companies working in the park “avoid some tax risks.”
The official stressed that companies operating in the GMTCM have obtained approval from pharmaceutical regulators to register nine TCM products in Mozambique and seven in Brazil.
Trade between Beijing and Portuguese-speaking markets is off to the best start to a year since the Forum for Economic and Trade Cooperation between China and Portuguese-speaking countries (Forum Macau) began collecting this type of data in 2013.
Exchanges reached 29.4 billion dollars (36.7 billion euros) in the first two months of 2023, a year-on-year increase of 2.2%, according to statistics from the General Administration of Customs of China, published Tuesday by Forum Macao.
Source: TSF
