Gov’t fails to sign tax agreement with Portugal

The MSAR failed to sign an agreement to revise current protocols on assets and financial information exchange between banks in the two regions with Portugal, although the Portuguese Secretary of State of Tax Affairs was here in the territory yesterday, local broadcaster TDM reported.
According to Secretary Fernando Rocha Andrade, the Macau authorities informed him that they had not been able to ‘finish all procedures’ for the agreement but that the city was committed to continuing preparing the implementation of the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development (OECD).
The Secretary said that the Portuguese authorities were in “no rush” to sign the agreement, adding that it will continue its discussions with the MSAR to develop a bilateral information exchange protocol that will allow Portuguese authorities to receive financial information about the assets held by Portuguese nationals in Macau.
As part of his official visit to the city, the Portuguese official met with the Secretary for Economy and Finance Lionel Leong Vai Tac, the Monetary Authority of Macau (AMCM) and the management of Banco Nacional Ultramarino S.A. (BNU).
In a visit to Hong Kong on April 3, the Portuguese Secretary signed a similar agreement with the authorities of the neighbouring SAR, which allows the Portuguese Government to access information on bank accounts held in Hong Kong.
According to Portuguese newspaper Publico, some 2.36 billion euros (MOP20.14 billion/US$2.52 billion) has been transferred from bank accounts in Portugal to Hong Kong.