According to an implementation notice from China's State Administration of Taxation, the new protocol to the 2003 income tax arrangement with Macau entered into force on 12 December 2016. The protocol, signed 19 July 2016, is the third to amend the tax arrangement. The protocol includes: An amendment to Article 8 (Shipping, Air and Land Transport) to clarify that the tax exemption granted is extended to Chinese value added tax; A provision in respect of Article 12 (Royalties) that provides that the withholding tax on royalties paid in the leasing of aircraft and ships must not exceed 5%; and A...