Macau: Macau not a tax haven and complies with all international rules

6 April 2009

Macau, China, 6 April – The Macau secretary for Economy and Finance, Francis Tam Pak Yuenm, re-stated that the Chinese Special Administrative Region is not a tax haven and complies with current legislation regarding tax issues.

The statements made by Francis Tam, disclosed by the Macau Government Information Bureau, come after the countries present at the G-20 Summit excluded Macau and Hong Kong on their list of tax havens, following an intervention made by the Chinese central government.

The secretary for Economy and Finance also said, according to new agency MacauNews, that the government planned to improve existing legislation even further with regard to money laundering, in line with what has happened since 2005, when procedures established by the OECD were adopted.

Tam also said the OECD recently praised Macau for the information the Special Administrative Region has been providing in regards to tax issues.

On Saturday in Strasburg, Angel Gurria, the Secretary-General of the OECD, said that Hong Kong and Macau were not on the list of tax havens after having committed to adopt transparency measures.

Various media outlets said the absence of the two territories from the list was a result of pressure from China, which was present at the G-20 Summit in London.

The Government of Hong Kong also said Saturday that the Chinese Special Administrative Region complies with international law in providing bank information. This was in reply to some member countries of the OECD that wanted to see the territory on the list of tax havens.

France wanted Hong Kong and Macau to be on the OECD list, though Beijing strongly objected.

The OECD Thursday made public two tax haven lists, one of which was a “black” list that included Costa Rica, Malaysia and the Philippines.

The other list, called a “grey” list, includes 38 countries, which had committed to respecting these laws, but which so far have not. Countries on this list include Switzerland, Belgium, Austria, Luxembourg, Liechtenstein, Andorra, Monaco, Bermuda and the Cayman islands. (macauhub)