The Multilateral Convention on Mutual Assistance in Tax Matters enters into force in Macau on 1 September, under a declaration announced by the Chinese central government, the office of the Secretary for Economy and Finance of the Macau government said in a statement on Monday.
The statement added that the entry into force of the Multilateral Convention establishes not only a good legal basis for the Macau Special Administrative Region to comply with the international pledge to exchange tax information, but also to fully demonstrate to the community the local government’s attitude towards actively participating in tax cooperation.
The memorandum recalls that the Government of Macau, with the support of the central government of China, has concluded the Agreement on Multilateral Authorities Responsible for the Automatic Exchange of Financial Information relating to Financial Accounts and has completed the examination procedure carried out by international organisations on applying rules regarding tax transparency and erosion of the tax base and transfer of profits, among others.
The application of the Multilateral Convention on Mutual Assistance in Tax Matters enables the MSAR to effectively raise the level of compliance in international tax cooperation and maintain a good international image in the areas of tax practice and tax cooperation. (macauhub)