Macau | City sharing tax information with New Zealand
Credit: Macau News Agency
Macau and New Zealand have signed a tax-sharing information agreement, with the OECD stating that the city had exchanged tax information with 34 jurisdictions in 2018
Macau (MNA) – Macau has recently signed a tax-sharing information agreement with the government of New Zealand.
According to a release from the Cabinet of the Revenue Minister of New Zealand this week, Macau integrates a list of 30 new jurisdictions – added to an extant list of 60 – with which New Zealand has signed agreements as part of the Automatic Exchange of Information (AEOI).
The AEOI was designed by the Organisation for Economic Co-operation and Development (OECD) Global Forum to enhance tax transparency and combat cross-border tax evasion, enabling information sharing about details of accounts at banks, private equity funds, investment advisors and brokers and trusts.
The latest report by the OECD on the implementation of AEOI states that Macau has exchanged information with a total of 34 partners in 2018.
Portugal, Spain, Belgium, Poland, Finland, Ireland, and Luxembourg were the jurisdictions with the highest number of partners for tax exchange information last year with 64.
According to previous reports, Macau authorities have been authorised by the central government to comply with the Convention on Mutual Administrative Assistance in Tax Matters (MAC) devised by the OECD starting from September 1, 2018.
Therefore, in order to adhere to the international convention enabling participant jurisdictions to exchange tax information automatically, the city authorities have signed the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information.
The Macau SAR Government had previously pledged to improve regulations linked to the offshore business sector by enhancing taxation and providing administrative steps aimed to facilitate the exchange of financial information after the European Union decided to remove the city from a blacklist of non-co-operative tax jurisdictions in early 2018.