by Mary Swire, Tax-News.com, Hong Kong
17 March 2017
Hong Kong has signed agreements with six jurisdictions to automatically exchange financial account information in tax matters.
The agreements expand Hong Kong’s Automatic Exchange Of Information (AEOI) network to include Belgium, Canada, Guernsey, Italy, Mexico, and the Netherlands. These countries join Japan, Korea, and the UK as “reportable jurisdictions” for AEOI purposes in Hong Kong.
The agreements were signed under the OECD’s latest international tax transparency standard, the Common Reporting Standard, which provides that countries should provide on an annual basis information on foreign account holders with deposits in their territory to their home state authorities.
The Inland Revenue Department expects to be begin exchanging information automatically in 2018, providing domestic legislation is put in place this year.
Published at Thu, 16 Mar 2017 19:00:00 -0500