Hong Kong: CRS, automatic exchange of tax information

Hong Kong: CRS, automatic exchange of tax information

The Hong Kong government announced that, following the public consultation process earlier this year, legislative proposals will be amended to implement the international standard on “automatic exchange of financial account information” (AEOI) in tax matters. This is contained in a “consolidated response” to the process published 12 October 2015, and also adds that stakeholders who participated in the exercise supported the fundamental direction to align Hong Kong with the global standard for AEOI.

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For instance, the Hong Kong government has decided that the definition of financial institutions (FIs), non-reporting FIs and exempted accounts will remain as originally proposed and that only those FIs and/or financial accounts that are at low risk of being used for tax evasion purposes should be exempted.

 

Read an October 2015 report [PDF 1.13 MB] prepared by the KPMG member firm in Hong Kong: CRS/AEOI: Hong Kong responds to consultation

 

Read also an October 2015 report [PDF 45 KB] prepared by the KPMG member firm in Hong Kong that provides hyperlinks to official releases and documents

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