Hong Kong is no longer on the EC’s Tax Co-operation Black-list
Due to a technical error Hong Kong was listed on the European Commission’s website as a non-cooperative tax jurisdiction, an issue that has been recently resolved.
Following the accidental inclusion of Hong Kong in a black-list of non-cooperative tax jurisdictions on the European Commission’s (EC) website, the Asian state government proceeded with the necessary delegation with relevant EU authorities and it’s status is now updated.
After the government's liaison and clarification, the Hong Kong’s black-listing from the Spanish authorities proved to be the result of a technical error. Hong Kong indeed used to be included in Spain’s black-list until April 2013, however the EC was not aware of the fact that it has been removed from the list ever since.
"The EC's publication in mid June 2015 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," a Government spokesman said. The same error occurred regarding Estonia’s national list, for which according to the EC’s website, Hong Kong was black-listed once again.
Hong Kong actively wishes to prove to the EU member states that it is committed to cooperation in regards to tax related matters. So far, Hong Kong has signed 13 CDTAs and two agreements on tax information exchange with over half of the 28 member states. Further negotiations are currently under way with five others.
The Hong Kong government wishes to be appalled from the characterisation “tax haven” which is often attributed to the Asian state, and become a widely known tax co-operative nation within the business community.
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