Macau gears up to sign more tax agreements

Macau is in negotiations with several countries and regions to sign tax information exchange agreements or double taxation conventions. Macau has already signed 12 such agreements that comply with the latest international agreed standards. According to the Finance Services Bureau, Macau is negotiating more agreements with Ireland, New Zealand, Germany and Argentina. Besides, a new round of meetings with Vietnam and Hong Kong on double taxation conventions negotiation is expected to be held later this year. Earlier this month, an Organisation for Economic Cooperation and Development (OECD) peer review panel “unanimously agreed that Macau SAR had the relevant legal and regulatory framework in place that could ensure the effective implementation of tax information exchange, and that Macau SAR complied with the internationally agreed standards,” according to the Finance Services Bureau. In 2009, OECD was close to labelling Macau as a fiscal haven.