The status of Hong Kong as a “non-cooperative tax jurisdiction” (as designed by the European Commission) has been revised. In October 2015, the EC updated a webpage regarding non-cooperative tax jurisdictions, and removed Hong Kong from this list.
In June 2015, the EC published its first list of non-cooperative tax jurisdictions. The sole criterion to be on this list was that at least 10 EU Member States considered the jurisdiction as non-cooperative. At that time, 10 EU Member States listed Hong Kong as a non-cooperative tax jurisdiction—including Italy, Portugal, and Spain.
Since that time, Hong Kong has signed income tax treaties with Italy, Portugal, and Spain, and in October 2015, the EC (having noted that Hong Kong had been removed by Spain from the Spanish national list of non-cooperative tax jurisdictions) updated the EC list of non-cooperative tax jurisdictions.
Given the recent entry into force of the tax treaty with Italy, there are reports that the Hong Kong government will also aim for removal of Hong Kong from Italy's national list as a non-cooperative tax jurisdiction.
Read an October 2015 report prepared by the KPMG member firm in Hong Kong: Hong Kong’s tax co-operation status clarified by Spain
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