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13.5. Other Anti-Avoidance Rules

Tax Information Exchange Agreements (TIEAs)

Tax Information Exchange Agreements (TIEAs) provide for the exchange of information on tax matters, and Macau has concluded TIEAs with 16 countries, including Argentina, Australia, Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, India, Ireland, Jamaica, Japan, Malta, Norway, Sweden, and the United Kingdom.

Financial Account Information Reporting and Exchange

The OECD Mutual Assistance Directive as amended by the 2010 protocol has been extended by China to cover Macau, and entered into force with respect to Macau from 1 September 2018. Macau approved the Common Reporting Standard (CRS) for the automatic exchange of tax information with other parties to the convention through Executive Resolution no 211/2017. It released the guidelines dealing with financial account reporting through CRS and the associated due diligence process through Executive Resolution no 232/2020.

Macau also concluded an Intergovernmental Agreement (IGA) with the United States on 14 December 2016 to improve international tax compliance and to implement the U.S. Foreign Account Tax Compliance Act (FATCA).  Under the IGA, financial institutions in Macau are required to annually report the relevant account information of US persons to the US tax authorities.