Belt & Road Initiative: Tax cooperation mechanism enhancing trade & investment

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02:38

A new mechanism aimed at creating a more favorable tax environment for enterprises and countries involved in China's Belt & Road Initiative has been established. CGTN reporter Wang Mengzhen takes a close look.

Tax officials and experts from dozens of countries and international organizations have gathered in China for a forum, on a new tax cooperation mechanism known as BRITACOM. It comes as trade and investment continues to grow among participants in the Belt and Road Initiative.

In 2018, Chinese companies' non-financial direct investment in Belt and Road countries saw a near 9-percent increase year on year. Liao Tizhong from China's tax authority has been involved in the mechanism since the very beginning.

Fairness and taxation capacity building were said to be the main talking points from the three-day forum.

Action plans will be rolled out to clear out cross-border tax barriers such as double taxation. Thirty-four countries and regions -- including Nigeria -- have signed up to the mechanism, while another 11 have become observers.

East China's water town of Wuzhen was chosen as the venue for the first ever BRITACOM forum.

WANG MENGZHEN WUZHEN "And this historical town also plays host to the annual World Internet Conference, which showcases the continuing innovation and openness of a modern China."

But this is just the beginning for BRITACOM. Next year, the forum will be held in Kazakhstan, where more specific details on the mechanism will be ironed out. WMZ, Wuzhen, Zhejiang province.