China's Macao Special Administrative Region (SAR) government welcomes European Union (EU)'s decision of delisting Macao from the list of non-cooperative tax jurisdictions, and reiterates its continued effort to fight cross-border tax evasion and improve the tax transparency, the SAR's Information Bureau said here on Wednesday.
Macao was listed as a non-cooperative tax jurisdiction by the EU in December 2017, and the SAR government said that the decision was unilateral, one-sided and did not reflect the actual situation of Macao.
The bureau said with the support of the central government, the SAR has been actively in contact with the EU to exchange the position, the work progress and expected time-line of the extension of "Multilateral Convention on Mutual Assistance and Administration in Tax Matters" to Macao.
The Macao SAR will be able to exchange financial account information with other tax jurisdictions, including all EU members. The legal regime of offshore business sector will also be improved to enhance the administrative work of taxation, the bureau added.