Tax code

Launch of a new consultation on the draft tax code

The Legislative Assembly (AL) has announced a new two-month public consultation on the tax code proposal to allow industry representatives and taxpayers to submit suggestions on the draft, the chairman of the third standing committee said of the AL, Vong Hin Fai, quoted by TDM Radio. Macau.

Mr. Vong justified the decision by the impact of the new legal regime for the taxpayers of Macao and underlined the importance of having a public consultation on the new law, since the opinions collected by the government for the elaboration of the current proposal were collected in 2015.

“It is a bill that concerns the whole population and maybe there are still many people interested in expressing opinions in relation to this bill,” noted Vong Hin Fai, adding that the opinions and suggestions of the population will have to be delivered. to the committee in written form and only then forwarded to the government and considered by the committee.

Amendments aimed at overhauling the local tax code and a new legal framework for the exchange of information in tax matters have been approved in first reading by the legislators and are currently under consideration at the 3rd Standing Committee.

Economy and Finance Secretary Lei Wai Nong previously said the changes would unify the rules of separate tax laws applied separately since the 1970s, clearly defining rights and obligations in tax legal relationships, and updating the local tax code in accordance with international standards. .

The draft law introduces notions such as tax resident and tax residency” in order to “better comply with its international tax obligations” and to better “attract more foreign investors” to the SAR and aims to “unify the separate rules of the legislation current tax system, as well as to clearly define the rights and obligations in tax legal relations, in the tax judicial process and in the tax enforcement process.