10:46 | 23/04/2018 Finance - Banking
An agreement was inked between Vietnam and China’s Macau Special Administrative Region (SAR) to avoid double taxation as well as prevent tax evasion, according to a press release by the Macau SAR’s financial service department on April 16.
|Vietnam and Macau ink agreement to avoid double taxation as well as prevent tax evasion - Photo: Kiplinger|
The pact was signed by Vietnamese Deputy Minister of Finance Do Hoang Anh Tuan and Macao SAR Secretary for Economy and Finance Leong Vai Tac. It aims at preventing the two governments from simultaneously taxing the same incomes received by residents in the two territories.
Leong said that besides taxation cooperation, the Macao Special Administrative Region is looking forward to deepening bilateral cooperation with Vietnam in such sectors as trade, tourism and education.
The signing of the agreement was of great importance in increasing financial transparency and preventing double taxation, and providing better conditions for developing economic and trade cooperation between the two sides, he added.