Malta and Macau sign Tax Treaty

Flag_of_Macau.svgMalta and Macau have recently signed an agreement to work together to prevent tax evasion and tax avoidance.

The agreement was signed in Beijing, China on 30 May 2013 and is expected to enter into force in January 2014.

In terms of the treaty, authorities in Macau and Malta will share data on the financial position and income of their citizens that owe tax, and may reveal undeclared assets and earnings. Such data will include information relevant “to the determination, assessment and collection of taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters”. The authorities may also share information held by banks or other financial institutions and information about the direct or indirect ownership of companies, trusts and foundations, and about partnerships.