Macau | Macau and Vietnam ink tax evasion agreement

The agreement to avoid double taxation and prevent tax evasion in matters of taxation between the Macau SAR the Socialist Republic of Vietnam was signed on Monday

Macau (MNA) – The Macau SAR Secretary for the Economy and Finance, Lionel Leong Vai Tac, and the Finance Deputy Minister of the Government of the Socialist Republic of Vietnam, Do Hoang Anh Tuan, have signed on Monday the agreement to avoid double taxation and prevent tax evasion in matters of taxation.

The taxes applying to the agreement include, in the case of the MSAR, the professional tax, the supplementary income tax and the urban property tax. In the case of Vietnam, the taxes applying comprise the personal income tax and corporate tax.

In particular, the agreement – which was first announced on April 9 – celebrates reciprocal clauses which concede fiscal benefits in regard to income from property, profits of affiliated companies, dividends, interest, royalties, property transfer income, pensions, public services, payments and income of students and apprentices.

The Financial Services Bureau stated that the signing shows the importance attributed to the ‘increase of fiscal transparency and preventing double taxation’ by strengthening the bilateral co-operation relationship between the MSAR and Vietnam, while providing better conditions for the development of economic and trade co-operation between the two parties.