To enhance tax transparency and combat cross-border tax evasion, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes has been advocating the implementation of a newly announced standard known as the Common Reporting Standard (CRS), through which jurisdictions can automatically exchange financial account information they obtained from local financial institutions. At present, over 60 jurisdictions around the word have already committed to implement this new single global standard by 2017 or at the latest by the end of 2018. As a member of the Global Forum, Macau SAR expresses its support to the new standard. In order to fulfill its international obligations, Macau SAR will soon initiate the legislative procedures necessary for the amendment of relevant domestic laws to ensure timely compliance with the new standard.

Unlike the existing practice where exchange of information is only carried out on request by other jurisdictions, with main references to the United States Foreign Account Tax Compliance Act (FATCA), the new standard will allow automatic exchange of financial account information for tax purposes among participating jurisdictions on an annual basis, and financial institutions are also required to follow the due diligence procedures consistent with the new standard.

Macau SAR has successfully passed the Phase I and Phase II Peer Reviews conducted by the Global Forum in 2011 and 2013 respectively, confirming that both its legal framework and actual operations with regards to exchange of tax information meet internationally agreed standards. Until now, Macau SAR has concluded tax treaty with 20 jurisdictions, of which 5 are Double Taxation Conventions and 15 are Tax Information Exchange Agreements.