EU tax commissioner visits Hong Kong and Macau
EU Tax Commissioner Algirdas Semeta visited Hong Kong and Macau, on 30 and 31 August 2010 respectively, to discuss strengthening ties in tax and customs matters. In Hong Kong, he met with Secretary for Financial Services and the Treasury, Professor K.C. Chan, and Customs Commissioner Richard Yuen, while in Macau, he met with Francis Tam, Secretary for Economy and Finance, and Choi Lai Hang, Director General of the Customs Service.
In Hong Kong, Semeta emphasized the improved dialogue, cooperation and convergence with the SAR on issues relating to good governance in tax matters. In line with its stated tax policy of promoting internationally recognised good governance principles, the EU aims at improving the degree of transparency and the exchange of information with Hong Kong.
Already adopted by 25 out the 27 EU Member States, automatic exchange of information on taxation of income from savings is deployed on a voluntary basis with Hong Kong, and the pilot trials of such system are now being tested and assessed. The final aim of the EU is to promote the application of measures equivalent to those applied within the EU, and ultimately a fair, transparent and cooperative tax environment.
On the customs side, the EU intends to boost cooperation in customs controls so to tackle counterfeited goods and piracy, and also to facilitate customs procedures. Working under the legal frame of the 1999 Customs Cooperation Agreement between both areas, new tools of cooperation are currently being discussed in order to overcome the practical difficulties encountered by the trade operators without slowing the flow of international commerce. Semeta implied new agreements might be implemented shortly, and opened the possibility of entitling "Authorised Economic Operators" with Hong Kong, based on a mutual recognition system.
Semeta went on to Shanghai to discuss intellectual property rights, the security of supply chain and tackling smuggling activities with his Chinese counterparts.
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