Launch of a new consultation on the draft tax code

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

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

“This is a bill that concerns the whole population and maybe there are still a lot of people interested in expressing opinions on this bill,” Vong Hin Fai noted, adding. that the opinions and suggestions of the population should be given. to the committee in writing and only then sent to the government and considered by the committee.

Amendments aimed at reorganizing the local tax code and a new legal framework for the exchange of information in tax matters were approved at first reading by the legislator, and are currently under consideration in the legislature 3e 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 update the code. local tax in accordance with international standards. .

The bill introduces concepts such as tax residence and tax residence “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 current tax legislation, as well as clearly defining the rights and obligations in tax legal relations, in the tax judicial process and in the tax execution process.

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