Thursday, July 18, 2013
The governments of Malta and Macau recently signed an agreement to work together to prevent tax evasion and tax avoidance.
The agreement was signed by Macau's Secretary for Economy and Finance, Francis Tam Pak Yuen, and Malta's ambassador to China, Joseph Cassar, on May 30.
The treaty, expected to enter into force in January 2014, will enable the tax authorities in the two jurisdictions to share information about their citizens relevant to "the determination, assessment and collection of taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters."
Under the treaty the authorities may share information held by banks or other financial institutions. They will be able to share information about the direct or indirect ownership of companies, trusts and foundations, and about partnerships.