Macau may be withdrawn from the list of jurisdictions classified as tax havens by the European Union in January after it committed to a deadline to apply the Multilateral Convention of the Organisation for Economic and Trade Cooperation (OECD), according to Rádio Macau.
The radio station also said that the commitment was made after the blacklist of tax havens was released on 5 December and that the withdrawal from the 17-jurisdiction list should take place at the next meeting of the European Council for Economic and Financial Affairs, scheduled for 23 January.
The inclusion of Macau on the blacklist was justified by the fact that the territory had not ratified the OECD Convention and that it had not undertaken to resolve these issues by 31 December of this year.
Should Macau be removed from the blacklist, it will likely be included on the so-called “grey list” which includes countries and jurisdictions such as Hong Kong, Turkey and Switzerland, which have already committed to some tax reforms.
The Monetary Authority of Macau (AMCM) condemned the EU’s decision to include the territory in the list of non-cooperative jurisdictions in tax matters, saying it was “unilateral and biased,” and did not “reflect the real situation,” promising to follow developments in this area closely.
Additionally, the AMCM has pledged to “take appropriate measures to safeguard the stability of Macau’s financial system” if necessary. (macauhub)