According to a release issued on 20 August 2020 by the Inland Revenue Department of Hong Kong, the tax arrangement (tax treaty) signed between Hong Kong and Macau on 25 November 2019 has entered into force after completing the required ratification procedures. The treaty has effect in Hong Kong in respect of taxes on income derived in any year of assessment beginning on or after 1 April 2021. It has effect in Macau with respect to taxes withheld at source for taxes payable on or after 1 January 2021, and for other taxes for income derived from 1 January 2021.