The procedures for extending the application of the Multilateral Convention on Mutual Assistance in Tax Matters to Macau are being finalised, said Macau Secretary for Economy and Finance Leong Vai Tac said on Wednesday.
The secretary added that after the convention is applied in Macau, the government will start the process of signing agreements with the member countries of the European Union (EU), and the work is expected to be completed later this year, after which financial account information will be exchanged automatically.
Leong Vai Tac said the government welcomed the news about the EU’s decision to remove Macau from the list of non-cooperating tax jurisdictions.
The secretary added that the government will maintain close links and communication with the international community, including the European Union and the Organization for Economic Cooperation and Development (OECD), providing them with information about Macau’s progress in tax matters.
Leong said that interdepartmental working groups had been set up at an internal level, including a group made up of the Office of the Secretary for Economy and Finance, the Macau Trade and Investment Promotion Institute (IPIM) and the Financial Services Bureau, which would be responsible for closely monitoring tax matters, in particular as regards the improvement of the legal regime for offshore activities.
“With this initiative, we intend to better meet international standards and in this process will also maintain contacts with the EU and the OECD,” said the Secretary for Economy and Finance of Macau. (macauhub)