Hong Kong: Update on CRS / AEOI legislation

Hong Kong: Update on CRS / AEOI legislation

In Hong Kong, the Inland Revenue (Amendment) Bill 2016 has been published in the official gazette. This bill would provide the legal framework for Hong Kong to implement the OECD’s standard for automatic exchange of financial account information (AEOI). In particular, the bill allows for a broader approach to be adopted by financial institutions in Hong Kong, in conducting their due diligence procedures in relation to financial accounts—even if the account holder is not a tax resident of a reportable jurisdiction.

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It is expected that the Inland Revenue (Amendment) Bill 2016 will be introduced into the Legislative Council for first reading on 20 January 2016.

 

Read a January 2016 report prepared by the KPMG member firm in Hong Kong: CRS/ AEOI: Hong Kong bill gazetted

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