South Korea and Macao have agreed to exchange tax information between their tax authorities.

South Korea’s Ministry of Strategy and Finance said that the two sides reached the agreement on Friday.

If the agreement is ratified by parliament and comes into force, South Korea’s tax authorities will be allowed to look into financial and tax information of South Korean companies and citizens based in Macao.

The two sides can also make requests for business information, including financial transactions and management structures.

South Korea has concluded similar deals with 18 countries, with those with the Cook Islands, the Marshall Islands, the Bahamas, and Bermuda having taken effect.