Latest on Automatic Exchange of Financial Account Information
16 June 2017, The Hong Kong government has opted to abandon the approach to negotiate bilateral agreements with participating jurisdictions under OECD's Common Reporting Standard (CRS) for Automatic Exchange of Financial Account Information. Instead the Hong Kong government agreed to join the OECD's Multilateral Convention on Mutual Administrative Assistance in Tax matters.
This will expand Hong Kong's reportable jurisdictions to 75.
Starting from 1 July 2017, Hong Kong financial institutions will be required to identify, collect and reporting information of financial accounts of residents of the 75 jurisdictions.
Starting from 1 July 2017, Hong Kong financial institutions will be required to identify, collect and reporting information of financial accounts of residents of the 75 jurisdictions.