Macau, Guernsey to sign tax agreement

Macau and Guernsey are set to ink a new tax information exchange agreement (TIEA). While no date has been set yet, the announcement was published yesterday in the Official Gazette. According to the Official Gazette, the Secretary for Economy and Finance Francis Tam Pak Yuen is to sign the agreement with his British counterpart once Macau’s Chief Executive Fernando Chui Sai On grants him authority. The number of jurisdictions that have a TIEA or Double Taxation Conventions (DTC) with Macau will increase to 19 once Guernsey has signed on the dotted line. Macau and Japan signed a Tax Information Exchange Agreement (TIEA) in March, and the United Kingdom last month. Last month, it was announced that a similar tax agreement would be signed with Argentina. However, no date was set as to when both sides would ink the agreement. According to information from the Financial Services Bureau, the Macau Government has only concluded 18 tax agreements. Of these, five are double taxation agreements (DTA) with Portugal (inked in 1999), mainland China (2003), Belgium (2006), Mozambique (2007) and Cape Verde (2010). The other 13 are tax information exchange agreements with Australia (2011), Denmark (2011), the Faroes Islands (2011), Finland (2011), Greenland (2011), Iceland (2011), Norway (2011), Sweden (2011), India (2012), Jamaica (2012), Malta (2013), Japan (2014) and United Kingdom (2014).