Repeal of the legal regime of the offshore service
Promulgation of Law no. 15/2018 < Repeal of the legal regime of the offshore services >
Please be informed that Law no. 15/2018 <Repeal of the legal regime of the offshore services> has been published in the Official Gazette of the Macao Special Administrative Region on 27-December-2018.
The Offshore Regime of Macao was in force for 19 years. Addressing economic globalisation, Macao works in response to the appeal of international organisations to take all possible measures to rule out cross-border tax evasion, base erosion and profit shifting, while proactively improving transparency in taxation and tax fairness, optimising relevant taxation systems to meet international standards. In order to synchronise with the socioeconomic development and respond to international collaboration, the city shall timely repeal the Offshore Regime of Macao.
The captioned law terminates the application of offshore licences, fixes the enforcement date of the repeal of the Offshore Regime, and introduces a number of facilitations, which mainly include that the existing Macao offshore institutions are still entitled to the income tax exemption until 31 December 2020, except for the profits arising from intellectual properties which are under specific regulations.
In addition, the Law encourages offshore institutions to continue their development in Macao by expanding/amending their businesses or changing their company names after their offshore licences expire.
For enquiries or further information, please contact IPIM’s Offshore Services Department at 853-8798 9240 or email: firstname.lastname@example.org.
Thank you for your attention and co-operation!
Offshore Services Department
Macao Trade and Investment Promotion Institute