Macau | Gov’t pledges to improve offshore taxation after EU takes Macau out of the black list

Macau (MNA) – Local Government said on Tuesday to welcome the European Union decision of excluding Macau SAR (MSAR) from the list of non-cooperative tax jurisdictions.

MSAR Government pledged to improve the legal regime of offshore business sector to enhance taxation and give administrative steps to facilitate financial information exchanges.

The Government said to have been actively in contact with the European Union (EU), with the support of Central Government, in order to solve the situation. According to a note by the Government, the MSAR described to the EU ‘the work progress and expected time-line of the extension of the “Multilateral Convention on Mutual Assistance and Administration in Tax Matters” to the Macau SAR, which ultimately leads to a proper solution of the concerned issue.’

The Government also said it will make soon a declaration of the extension of the “Multilateral Competent Authority Agreement” to MSAR.

These steps will allow MSAR to ‘exchange financial account information with other tax jurisdictions including all EU member states.’