Hong Kong’s Inland Revenue Department hosted the 5th Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF) from September 24 to 26, 2024.

This three-day annual mega event in the international tax community attracted about 500 tax officials, tax experts, as well as representatives from international organisations, academic institutions and enterprises from nearly 50 countries and regions to discuss emerging tax issues and exchange tax administration experiences under the theme “Deepening Tax Administration Cooperation for High-Quality Belt and Road Development”.

The forum accomplished key outcomes, including the creation of the Hong Kong Action Plan (2025-2027) to strengthen tax cooperation among members.

Established in 2019 under the lead of the STA, BRITACOM is a non-profit official mechanism for discussions on tax administration cooperation among countries and regions along the Belt and Road. BRITACOF, the annual signature event of BRITACOM, is hosted by member tax administrations in rotation.

“The knowledge and insights gained from this forum are invaluable to all of us in our endeavours to improve our tax systems and enhance the quality and capacity of our tax administrations, which are vital to economic development in our respective jurisdictions,” the Commissioner of Inland Revenue and the Chairman of the 5th BRITACOF, Mr Tam Tai-pang said.

He pointed out that BRITACOM had achieved significant outcomes and reached consensus on the work of deepening tax administration co-operation of the Belt and Road jurisdictions in the future. The success of the Belt and Road Initiative hinges on all parties’ ability to work together, and the collective efforts in tax administration cooperation will be pivotal in achieving shared goals.

The plan outlines 20 critical measures to enhance tax certainty, promote the digital transformation of tax administrations, improve tax environments and reinforce the capacity building of tax administrations.

BRITACOF is committed to promoting the establishment of a stable and clear rule of law-based system on tax matters and tax administration procedures, formulating and issuing clear tax guidelines and explanatory documents, continuously enhancing tax transparency and predictability, providing business entities with convenient access to the latest tax information and relevant explanations and facilitating their understanding of changes in tax administration procedures.

BRITACOF is also committed to creating a rule-based business environment, providing robust legal support for business entities and establishing a stable and predictable tax environment by refining tax legislation, standardising law enforcement conduct, unifying law enforcement standards, and improving the infrastructure for legal services.