Financial Crime World

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Financial Crime Reporting Requirements in Macao

Macao, a special administrative region of China, has its own set of financial reporting requirements that are distinct from those of other countries. In this profile, we provide an overview of the financial reporting and filing requirements for companies operating in Macao.

Financial Reporting Standards

Overview of Financial Reporting Standards

Companies in Macao must prepare their financial statements in accordance with the Macau Financial Reporting Standard (MFRS), which is based on the selected 2004 version of individual IAS and IFRS. Other companies may use General Financial Reporting Standards.

Key Requirements for MFRS

  • Financial statements must be prepared in accordance with MFRS.
  • Companies must maintain proper accounting records.
  • Financial statements must be audited by a registered auditor.

Financial Filing Requirements

Companies in Macao are divided into two groups: Group A and Group B. Group A includes companies that keep proper accounting records and have a capital of MOP1 million or more, or taxable profits of MOP500,000 or more in the last three years. These companies will be assessed based on their financial statements filed with the tax authority.

Financial Filing Requirements for Group A Companies

  • File financial statements with the tax authority before June 30 each year.
  • The tax authority will assess these companies based on their financial statements.

Group B includes other entities that do not keep proper accounting records (approximately 90% of all companies). These companies will be assessed by the Tax Authority using certain parameters and must lodge their tax return before March 31 each year. Offshore entities are exempt from filing financial statements with the tax authority, but their audited financial statements must be submitted to the Macao Trade and Investment Promotion Institute.

Financial Filing Requirements for Group B Companies

  • Lodge tax returns with the Tax Authority before March 31 each year.
  • The Tax Authority will assess these companies based on certain parameters.

Electronic Filing Requirements

There is no electronic filing requirement in Macao for companies. However, certain entities such as banks are required to file financial reports with the Monetary Authority.

Key Takeaways

  • There is no electronic filing requirement for most companies.
  • Certain entities must file financial reports electronically with the Monetary Authority.

Structured Data Electronic Filing Formats

Macao does not require or permit the use of XBRL (eXtensible Business Reporting Language) or any other structured data electronic filing format. As a result, financial data is not publicly available in XBRL format. The IFRS Taxonomy issued by the International Accounting Standards Board (IASB) is also not used.

Key Points

  • Macao does not require the use of XBRL or other structured data formats.
  • Financial data is not publicly available in XBRL format.

Primary Contacts

The Committee for the Registry of Auditors and Accountants (CRAC) is the official standard-setting body in Macao for both accounting and auditing standards, which are promulgated in the form of government regulations by the Chief Executive of the Macao Special Administrative Region. The CRAC can be contacted at crac@dsf.gov.mo or through its website at http://www.dsf.gov.mo/.