Macao and Belgium sign double taxation exemption agreement

(Macao 19 June 2006) The Chief Executive, Mr Edmund Ho Hau Wah, and the Minister of Finance of Belgium, Mr. Didier Reynders have signed a double taxation exemption agreement on behalf of the two governments in Brussels today. Mr Ho, who is in Brussels on his official visit to the European Union and Belgium, met with Mr Reynders before signing the agreement, which stipulated that residents of the Macao SAR and citizens of Belgium would be exempt from double taxation on real estate, business incomes, interests, pension, and income from assets. The agreement also closed possible loopholes for tax evasion. Mr. Reynders said he was glad with the agreement as it provided more opportunities for Belgian enterprises to enter the Chinese market through Macao. In response, Mr Ho said the agreement could also help Macao enterprises to enter the EU market through Belgium, whose economic development was dynamic. He said Belgium Macao co-operation would be strengthened upon the existing foundation. In the afternoon (Brussels time), Mr Ho met with the Director General for External Relations of the European Commission, Mr Eneko Landaburu. Mr Ho and his delegation will attend a banquet hosted by the China’s Ambassador to Belgium, Ms Zhang Qiyue, and the Mission of the People's Republic of China to the European Union.