HONG KONG: Hong Kong has welcomed news that it no longer features on the European Commission’s list of “non-cooperative tax jurisdictions.”
Territories are placed on the list, which has been newly updated on the Commission’s website, if they feature on 10 EU member states’ tax blacklists.
A government spokesperson said: “Following the signing of the double taxation agreement (DTA) between Spain and Hong Kong in 2011, Spain has cleared Hong Kong from its national list as of April 1, 2013.”
“The EC’s [previous] publication failed to take this into account and wrongly classified Hong Kong as a non-cooperative tax jurisdiction listed by 10 EU member states. We are glad that the EC has reflected the updated situation of Hong Kong on its website.”
In addition, Estonia has removed Hong Kong from its national list, and Hong Kong hopes that it will soon be removed from Italy’s blacklist also, as a new DTA between the two states has been ratified.
“We will continue our dialogue with the EU and its member states to keep them abreast of our long-standing commitments and efforts on tax co-operation,” the spokesperson said.
