China tax authority issues guides for Chinese investors in Mozambique, other Portuguese-speaking countries

Login

Register

http://www.clubofmozambique.com/

China tax authority issues guides for Chinese investors in Mozambique, other Portuguese-speaking countries

11:04 CAT | 14 Apr 2023

in file CoM

The tax authority of Guangdong Province, in southeastern China, has launched a set of guides for investment in Portuguese-speaking countries, the Chinese press said on Thursday.

According to the official newspaper Nanfang Daily, the Guangdong Provincial Tax Service on Wednesday launched the first series of tax guides for Chinese investors, covering Portugal, Mozambique and Cabo Verde.

The documents include information about the economy, business environment, tax policies, the tax collection and management system and bilateral tax agreements in force in the three countries, The aim is to “provide references and guidance to companies in the process of going global,” said, at the presentation of the guides, the head of the Tax Cooperation Office for Portuguese-speaking Countries and Regions, Yuan Hongbing.

The documents were published by this office, set up in April 2022 in the Deepening Cooperation Zone between Guangdong and Macau, in Hengqin (Mountain Island), adjacent to Macau.

The presentation of the documents took place in this special area, established in 2021, under the joint management of Macau and Guangdong province, one of the most important industrial centres in the world.

Besides the free movement of capital, another of the advantages of the cooperation zone, for attracting companies and investment, is the policy of exemption and suspension of taxes on goods, whose entry into the entire Chinese market, of over 1.4 billion people, will be facilitated.

The special area on Hengqin Island also hosts, since 2011, the Science and Industrial Park of Traditional Chinese Medicine for Guangdong-Macau Cooperation (GMTCM).

On Wednesday, during the presentation, the financial director of GMTCM, Xie Zhi, said that the guides will be “very useful” to help companies working in the park to “avoid some tax risks”.

He stressed that companies operating at GMTCM had obtained approval from pharmaceutical regulators to register nine products from traditional Chinese medicine in Mozambique and seven in Brazil.

Trade between Beijing and Portuguese-speaking markets had the best start to the year since the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries (Forum Macau) began compiling this type of data in 2013.

Trade reached US$29.4 billion (36.7 billion euros) in the first two months of 2023, a year-on-year rise of 2. 2%, according to statistics from China’s General Administration of Customs, released by Forum Macau on Tuesday.

Source: Lusa