Lawmaker-cum-lawyer Vong Hin Fai, who heads the Legislative Assembly’s 3rd Standing Committee, said yesterday that his committee has completed its review of a government-initiated bill amending the current law regulating the exchange of tax-related information with other jurisdictions.
The committee held a closed-door meeting yesterday to review the bill – the outline of which was passed during a plenary session in November – after which Vong said during a media briefing that his committee aims to submit the final version of the bill to another plenary session for its final article-by-article debate and vote before the Chinese New Year (CNY), which falls on February 1.
The bill aims to update Macau’s rules in sharing tax-related information to comply with the latest international standards set by the Organisation for Economic Cooperation and Development (OECD).
The bill proposes to extend the exchange of information held by the government’s Pension Fund (FP) and those held by fund management companies under Macau’s non-mandatory central provident fund system. The bill also proposes to add penalties for those violating the system.
According to Vong, the government proposes that the bill take effect on April 1.
Lawmaker-cum-lawyer Vong Hin Fai (left), who chairs the legislature’s 3rd Standing Committee, and the committee’s secretary Leong Sun Iok, pose after the committee’s closed-door meeting reviewing the government’s bill on taxation information exchange yesterday. Photo: Ginnie Liang
