MSAR, Portugal sign protocol to enhance taxation transparency

Lionel Leong (left) Edmund Ho and António Costa

Secretary for Economy and Finance Lionel Leong signed a protocol on the
avoidance of double taxation and prevention of fiscal evasion with Portugal’s secretary of State of Tax Affairs, António Mendonça Mendes, on June 21.

The signing occurred during a courtesy visit to Portugal by Leong, along with the vice chairman of the National Committee of the Chinese People’s Political Consultative Committee (CPPCC) Edmund Ho.

The main aim of the protocol is to enhance transparency and improve
avoidance of double taxation standards, but also to maintain
confidentiality when exchanging information between the two governments,
thus protecting taxpayers’ privacy, it was noted.

The signing of the protocol satisfies the requirements regarding peer
review called for under the Organization for Economic Co-operation and
Development Global Forum on Transparency and Exchange of
Information for Tax Purposes.

As such, the protocol would be conducive to creating a fair tax environment, according to a statement issued by the Government Information Bureau.

At the signing ceremony, Leong said that Macau would continue to strengthen
cooperation with other countries and regions in establishing a fair tax
environment that meets international standards.

In welcoming the delegation led by Ho, Portugal’s Prime Minister António Costa said the Portuguese government would provide the SAR with support – via the
Ministry of Finance and the Central Bank of Portugal – regarding talent
cultivation and technology development for the SAR.

Ho said that the Office of the Secretary for Economy and Finance, the
Monetary Authority of Macau and other relevant departments of the SAR would contact the appropriate Portuguese government departments to discuss cooperation in the SAR’s role as a commercial and trade cooperation service platform between China and Portuguese- speaking countries.