The delegation of Macao SAR attended the peer review meeting held from 19 to 23 September in Paris, France, as invited by the OECD Global Forum on Transparency and Exchange of Information for Tax Purpose. The delegation introduced in the meeting the work that Macao SAR had done in recent years regarding the promotion of transparency and exchange of information for tax purposes, and provided detailed answers to inquiries raised by the peer review panel.
At the end, the review panel members unanimously agreed that Macao SAR had the relevant legal and regulatory framework in place that could ensure the effective implementation of tax information exchange, and that Macao SAR complied with the internationally agreed standards. The panel would therefore proposed the Global Forum to officially adopted the Phase I Peer Review Report for Macao SAR in the general meeting of the Global Forum to be held from 25 to 26 October in Paris, France.
The Phase I Review was mainly about the legal and regulatory framework regarding information exchange, and it covered areas in Commercial Code, Commercial Registry Code, Civil Code, Offshore Business Act, anti-money laundering regulations and guidelines, tax laws, Financial System Act, as well as Information Exchange Act. It also covered the various tax agreements that Macao SAR had concluded with other jurisdictions. The passage of the review report would mark a cornerstone in Macao SAR’s work of promoting transparency in tax matters. Macao SAR would study and follow up the suggestions for improvement made in the report, and would continue its efforts to conclude more tax agreements with different countries and regions in order to fulfill its international obligation as the Forum’s member.
Macao SAR has, so far, concluded Tax Information Exchange Agreements (TIEAs) or Double Taxation Conventions (DTCs) that comply with the latest internationally agreed standards with 12 different countries or regions. The SAR has also initially signed TIEAs with India, Malta, and Jamaica respectively. In addition, it is now actively negotiating TIEAs with Ireland, New Zealand, Germany and Argentina. Besides, a new round of working level meeting with Vietnam and Hong Kong SAR on DTC negotiation is expected to be held later this year.
