Tax pact with Japan effective May 22

The Tax Information Exchange Agreement (TIEA) signed by Macau and Japan comes into force on May 22, the Ministry of Finance of Japan said in a press release published yesterday.
Starting from May 22, both contracting parties can request information for criminal tax matters without regard to the taxable year to which the matter relates, the ministry noted in the statement issued yesterday.
The authorities of Macau and Japan inked the pact on March 13, which conforms to criteria compiled by the Organisation for Economic Cooperation and Development against tax evasion.
Macau passed the body’s second-phase review on transparency of tax information last year.
Following the signing of the tax information exchange agreement with Japan, the number of jurisdictions that have signed TIEA or Double Taxation Conventions with Macau has increased to 17, the Financial Services Bureau noted previously.