Macao, Vietnam sign agreement to avoid double taxation, prevent tax evasion

MACAO, April 16 (Xinhua) — An agreement was signed between China’s Macao Special Administrative Region (SAR) and Vietnam to avoid double taxation as well as prevent tax evasion, according to a press release by the Macao SAR’s financial service department on Monday.

The agreement, signed by Macao SAR Secretary for Economy and Finance Leong Vai Tac and Vietnamese Deputy Finance Minister Do Hoang Anh Tuan, aims at preventing the two governments from simultaneously taxing the same incomes received by residents in the two territories.

Leong said that besides taxation cooperation, the Macao SAR is looking forward to deepening bilateral cooperation with Vietnam in such sectors as trade, tourism and education.

The signing of the agreement was of great importance in increasing fiscal transparency and preventing double taxation, and providing better conditions for developing economic and trade cooperation between the two sides, he added.