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Macau Commits To New OECD Tax Info Standard

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

02 October 2014


As a member of the Organization for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes, Macau has expressed its support for the global new standard on the automatic exchange of information, which has the purpose of enhancing tax transparency and combating cross-border tax evasion.

Unlike the existing practice where exchange of information is only carried out on request by other jurisdictions, in July this year the OECD released a Common Reporting Standard (CSR) for Automatic Exchange of Financial Account Information in Tax Matters, calling on governments to obtain detailed account information from their financial institutions and exchange that information automatically with the jurisdictions of residence of account holders on an annual basis. Financial institutions are also required to follow due diligence procedures consistent with the CSR.

Over 60 jurisdictions around the word have already committed to CSR implementation by 2017, or at the latest by the end of 2018. Macau has announced that it will soon initiate the legislative procedures necessary for the amendment of relevant domestic laws to ensure timely compliance with the new standard.

Macau successfully passed the Phase I and Phase II Peer Reviews conducted by the Global Forum in 2011 and 2013 respectively, confirming that both its legal framework and actual operations with regards to exchange of tax information meet internationally agreed standards. To date, Macau has concluded tax treaties with 20 jurisdictions, of which five are double tax agreements and 15 are tax information exchange agreements.

TAGS: compliance | tax | tax information exchange agreement (TIEA) | double tax agreement (DTA) | tax compliance | law | banking | Organisation for Economic Co-operation and Development (OECD) | Macau | agreements | legislation | standards | Tax

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