Macao Announces Plans To Implement OECD Standards

by Mary Swire, Tax-News.com, Hong Kong

26 March 2009

The Organization for Economic Co-operation and Development (OECD) has welcomed an announcement by Macao, China, that it intends to implement the OECD standards on transparency and exchange of information for tax purposes.

Macao first endorsed these principles at the OECD’s Global Forum on Taxation meeting held in Melbourne, Australia, in 2005.

In announcing its intention this month to implement the principles, Macao, China, stated that it proposes to modify its domestic legislation before the end of 2009 to enable it to exchange bank information on request with other jurisdictions.

Welcoming the announcement, Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, said:

“Macao, China, joins Hong Kong, China, Singapore and other major financial centres that have recently stated they will be implementing the principles of transparency and exchange of information.”

“In the current economic climate the importance of these standards is increasingly apparent. I am particularly pleased that Macao, China, has announced that it will make the necessary modifications before the end of 2009,” he added.

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