India has signed a tax information exchange agreement with Macau, a special administrative region of China.
This pact would pave the way for India to get banking information from Macau for tax administration purposes, a senior Finance Ministry official said.
Macau is among the well-known offshore financial centres and tax haven. Gambling tourism is a major source of revenue for this city-State.
India has signed such pacts with seven jurisdictions – Bahamas, Bermuda, British Virgin Islands, Isle of Man, Cayman Islands, Jersey and Liberia. All the pacts except those with Liberia and Jersey have come into force.
The CBDT Chairman, Mr M.C.Joshi, had visited Macau earlier this year for signing the TIEA.