The Inland Revenue (Amendment) (No. 3) Bill 2017 expands the list of Hong Kong’s CRS reportable jurisdictions from two to 75.
Financial institutions in Hong Kong are required to report full year information for 2017 regarding financial accounts held by tax residents of Japan and the UK.
For the additional reportable jurisdictions (except Korea), CRS reporting will be limited in the first year to the financial information for the second half of 2017.
The first CRS reporting to the IRD will be due in May 2018 covering all reportable jurisdictions (except Korea).