Faroe, Norway clinch tax deals

Two deals on tax data exchange came into effect yesterday, linking Macau with Norway and the Faroe Islands, an autonomous territory of Denmark.
The Tax Information Exchange Agreements will provide authorities on both sides with access to information about the capital dispositions and incomes of citizens with tax arrears and could reveal assets and earnings not declared at home.
The deals will assist both governments in preventing offshore tax avoidance and evasion.
The two agreements were signed April last year, but have only been published in the Official Gazette yesterday.
The SAR Government has so far concluded tax data exchange or Double Taxation Conventions “that comply with the latest internationally agreed standards” with 14 different countries or regions, of which the latest was with India.
Earlier this week the head of the European Union office in Hong Kong and Macau, Maria Castillo Fernandez, said the territory must make improvements in tackling tax evasion.