As of July 18, 62 Hong Kong, Macao tax-related professionals and two joint venture tax agencies have registered for cross-border practices in Qianhai, and two Shenzhen tax agencies have been pushing for cooperation with Hong Kong and Macao.

(Photo / Shenzhen Special Zone Daily)

Initiated in January this year, a new measure aimed at easing restrictions for cross-border tax-related talents from Hong Kong and Macao to Qianhai, Shenzhen have shown these promising initial results.

The measure exempts talents from previous cross-border licensing examinations, allowing practice registration instead. Also, the 35% limitation of number of cross-border practitioners in Shenzhen tax agency is removed, along with a previous requirement of 180-day minimum working time.

"I believe there will be more Hong Kong professionals coming to Qianhai, and it's an imperative to integrate tax-related professional services of Shenzhen and Hong Kong," said Peter Kung, a member of the National Committee of the Chinese People's Political Consultative Conference and former president of the Hong Kong Taxation Institute. As one of the first batch of Hong Kong exam-free registered tax practitioners, he sensed a "closer and more practical" cooperation between the two cities this year.

For the time being, Qianhai is no doubt assuming a vital part of a bigger blueprint, one that seeks to provide precedents of talent mobility in order for a deeper connection within the Guangdong-Hong Kong-Macao Greater Bay Area in the coming months.

Author: Ray (intern)

Editor: Jerry, Will