Macau authorised the signing of an agreement with Hong Kong for the automatic exchange of tax information on financial accounts (AEOI). The order – Chief Executive Order No. 45/2024 – in the Official Gazette on Monday, 26 August 2024.
The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.
It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
This agreement will be the first of its kind between the two jurisdictions.
