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Tax Information Exchange Agreement Signed between Macao and Japan
On 13 March, a Tax Information Exchange Agreement was signed by Secretary for Economy and Finance Tam Pak Yuen and Consul-General of Japan in Hong Kong Hitoshi Noda in Macao.
The Tax Information Exchange Agreement signed between Macao SAR and Japan mainly aims at assisting the signatories to provide related tax information to identify cross-border tax evasion and negligence. Apart from meeting the demands of peer review, it also helps to establish a fair taxation environment, maintain harmonious international economic relations, as well as to fulfil Macao SAR’s commitment in international taxation co-operation.
Source: Financial services Bureau
Moody’s Upgrades Macao’s Issuer Rating to Aa2
In March 2014, the international credit rating agency Moody’s Investors Service has upgraded the issuer rating of the Macao Special Administrative Region (SAR) government from Aa3 to Aa2. The rating outlook is stable. The upgrade is supported by the SAR’s continued rapid economic growth, the continued large fiscal surpluses and increasing fiscal reserves of its government, and its very strong balance of payments and external financial position.
The foreign currency country ceiling for Macao bank deposits was also upgraded to Aa2 and the foreign currency country debt ceiling was upgraded to Aaa. The local currency ceilings for bonds and deposits remain unchanged at Aaa as do the Prime-1 short-term country ceilings.
Source: Macao Daily news A10, 2014-03-04
External Merchandise Trade in the First Two Months of 2014 Increased by 17%
Macao’s total merchandise export for February 2014 amounted to MOP721 million, up by 25% year-on-year; value of re-exports (MOP599 million) and domestic exports (MOP122 million) rose by 27% and 15% respectively. Total merchandise import was MOP6.07 billion, up by 10% year-on-year. Merchandise trade deficit amounted to MOP5.35 billion for February 2014.
External merchandise trade reached MOP16.50 billion in the first two months of 2014, up by 17% compared with MOP14.16 billion a year earlier.
Source: statistics and Census service Department
GDP Increased by 11.9% in Real Terms for the Whole of 2013
For the whole of 2013, Macao GDP increased by 11.9% in real terms to MOP413.5 billion; per-capita GDP amounted to MOP697, 502 (about US$87,306). The economic growth was fuelled by the notable increase of 12.0% in exports of services on account of the impetus from the flourishing tourism and gaming sector; in particular, exports of gaming services grew by 12.4% and exports of other tourism services went up by 10.0%, which contributed 12.3 percentage points to economic growth.
Source: statistics and Census service Department
