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Hong Kong, Taiwan Look To Increase Cooperation

by Mary Swire, Tax-News.com, Hong Kong

10 August 2011


The Hong Kong-Taiwan Economic and Cultural Co-operation and Promotion Council and the Taiwan-Hong Kong Economic and Cultural Co-operation Council held their second joint meeting in Hong Kong on August 10, to discuss bilateral economic and financial matters between the two places.

Business delegations from both sides have visited each other several times in the past year, and experts have already commenced bilateral technical exchanges to launch discussions on how to strengthen further bilateral economic co-operation, while the joint meeting pointed to the consensus largely reached between Hong Kong and Taiwan on updating the existing air services arrangements between the two places.

Hong Kong and Taiwan have also commenced discussions on the issues relating to the avoidance of double taxation in respect of shipping income. A liaison mechanism has been established, and both sides will continue to follow up on this issue proactively.

With regard to their trading relationship, the two sides have agreed to co-operate with each other, with effect from January 1 this year, in dealing with consignments detoured through Hong Kong under the Taiwan-China Economic Co-operation Framework Agreement (ECFA), such that the relevant goods, when under the supervision of the Customs and Excise Department of Hong Kong, will enjoy preferential tariff treatments under the ECFA.

In addition, Hong Kong and Taiwan agreed to promote co-operation in trade facilitation (customs facilitation for goods and electronic certificates of origin), and will start with technical exchanges on experiences relating to the use of radio-frequency identification technology; and agree to discuss issues relating to the mutual recognition and enforcement of arbitral awards and notary services as soon as possible, so as to facilitate business and trade exchanges between the two places.

Furthermore, the financial regulatory authorities on both sides have achieved good progress in the negotiation of a memorandum of understanding on banking regulatory co-operation, and have reached a consensus in principle. It is expected that both sides could finalize the signing arrangement shortly. Both sides also supported the proposal for Hong Kong and Taiwan to strengthen co-operation in insurance supervision and regulation, and to encourage the relevant authorities to establish a more effective communication channel and liaison mechanism in that respect.

TAGS: tax | business | law | banking | aviation | insurance | trade treaty | China | Taiwan | offshore | agreements | Hong Kong | regulation | trade

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