Protocol to Tax Arrangement between China and Macau Signed

On 19 July 2016, officials from China and Macau signed a protocol to the 2003 income tax arrangement between the two jurisdictions. It reportedly reduces the withholding tax on royalties paid to aircraft and ship leasing businesses from 7% to 5%, and adds certain anti tax evasion provisions. The protocol is the third to amend the arrangement, and will enter into force after the ratification instruments are exchanged.

Additional details will be published once available.