The Global Forum on Transparency and Exchange of Information for Tax Purposes released “the Common Reporting Standard and the Due Diligence Procedures for Financial Account Information (CRS)” in July 2014, regulating the governments of all participating tax jurisdictions to verify information of financial accounts held by foreign tax residents through their local financial institutions, and to conduct the exchange of information with other jurisdictions on an annual basis. Therefore, financial institutions are required to report the information of the involved financial accounts to their respective competent authorities annually. The respective jurisdictions will conduct the exchange of information with the jurisdictions with which agreements have been entered into under the Automatic Exchange of Information (AEOI) mechanism. Over 100 tax jurisdictions have committed to participate and implement AEOI mechanism to enhance tax transparency and combat cross-border tax evasion activities in various countries around the world. Meanwhile, being a responsible member of the Global Forum, Macao Special Administrative Region (SAR) conducted the first AEOI in 2018. For effective implementation of the mechanism, financial institutions in Macao SAR have conducted their due diligence according to the CRS starting from 1 July 2017 to identify financial accounts held by foreign tax residents and reported the information of the involved financial accounts to Financial Services Bureau (DSF) for automatic exchange under the AEOI mechanism.
Sample Form of Self-certification
Documentation for Automatic Exchange of Information System （Applicable to Financial Institutions）
