Macau | Delayed tax agreement will be signed this year – Portugal’s Secretary for Tax Affairs
Credit: Macau Business
A delayed tax agreement between Portugal and Macau will be signed later this year, according to Mr António Mendonça Mendes, the Portuguese Secretary of State for Tax Affairs on Sunday
Macau (MNA) – A delayed tax agreement between Portugal and Macau will be signed later this year, Mr António Mendonça Mendes, the Portuguese Secretary of State for Tax Affairs stated on Sunday.
The agreement, also known as the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA), is meant to revise current protocols on assets and financial information exchange to adhere to the Common Reporting Standard set out by the Organisation for Economic Co-operation and Development (OECD).
Last year, the MSAR was among territories listed as tax havens by the European Union (EU), although it was delisted in January this year.
Plans to settle the MCAA failed to materialise in 2017.
Mr Mendes confirmed to Macau News Agency (MNA) on the sidelines of the Portugal Day celebrations, that he will be meeting with Secretary for Economy and Finance, Lionel Leong Vai Tac on June 11.
According to the Financial Services Bureau (DSF), Macau is planning to join the agreement this year, which would mean tax information from the MSAR will be automatically shared with 98 other members of the OECD-Global Forum.