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China, Argentina sign tax agreement

12-15-2010 09:37 BJT

China and Argentina have signed an agreement to cooperate on tax policies and deepen bilateral ties. It aims to prevent the smuggling of goods, money laundering, tax evasion and fraud.

China and Argentina's heads of tax regulation signed the agreement on Monday in Beijing. Argentine officials meet with Chinese entrepreneurs to exchange details of the agreement.

Argentina's head of Public Revenue, Ricardo Echegaray, says the relationship between Buenos Aires and Beijing has never been better and trade between the two has increased over the last few years. But he pointed to currency transactions as a challenge...due to the imbalance between exports and imports. The new tax agreement aims to encourage G20 policies and provide cooperation on tax policies.

Ricardo Echegaray, Chief of Fed. Admin. of Public Revenue said "This is a very important agreement for the future commercial relationship. It'll ensure the transparency of the process, thanks to information shared between Argentina's Federal Administration of Public Revenue and China's State Taxes Department."

The Argentine official says there is still one point of contention having to do with customs. Argentina's Ambassador to China says he's hopeful the topic will be on the bilateral agenda in the near future.

Cesar Mayoral, Argentine Ambassador to China said "It's quite important to Argentina to reach a clearance agreement...that will set clearance taxes and ensure greater transparency for taxes on imports and exports."

The agreement between Argentina and China aims to prevent the smuggling of goods, money laundering, tax evasion and fraud. It also signals cooperation on tax policies.

This year, China has signed similar agreements with the British Virgin Islands and Bermuda.

Editor:Xiong Qu |Source: CNTV.CN

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