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  HOME | Business & Economy (Click here for more)

Macau’s Inclusion in EU’s Tax Havens Blacklist Is Inconsistent, China Says

BEIJING – China said on Wednesday that the inclusion of Macau in European Union’s blacklist of tax havens did not reflect the reality of the Chinese special administrative region.

Beijing also supported the response given by Macau’s government, which described the EU’s decision as “unilateral and biased.”

“Macao has closely engaged with the international community, including the EU and the Organization for Economic Co-operation and Development, on matters relating to the fight against cross-border tax evasion and promotion of a fairer taxation system worldwide,” Macau’s regional government said in a statement on Wednesday.

It added that Macau was a member of the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes, which works to implement measures against the erosion of the tax base and profit transfers.

This confirmed “the city’s taxation transparency and its efforts regarding exchange of tax information, and confirmed the fact Macao was working to comply with the latest international standards,” the government said.

According to the statement, the Law on Exchange of Information on Tax Matters was passed in the Legislative Assembly in May and the first automatic exchange of tax information is planned for next year.

In the daily press briefing by China’s foreign ministry on Wednesday, spokesperson Geng Shuang expressed China’s support for the response by the Macau government and stressed that the EU’s decision was “inconsistent with the reality of Macao.”

China and Macau’s reaction comes after EU finance ministers on Tuesday published a blacklist of tax havens, which includes 17 countries and jurisdictions, that the EU says are not making enough efforts to fight money laundering and tax evasion.

The blacklist also includes American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Panama, Marshall Islands, Mongolia, Namibia, Palau, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates.

 

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