Hong Kong updates AEOI agreements; Panama deposits CRS agreement

AEOI agreements; Panama deposits CRS agreement

The Organisation for Economic Cooperation and Development (OECD) today announced that six treaty partners of Hong Kong have signed a competent authority agreement (CAA) with Hong Kong (China) bringing the total number of CAAs to nine. The jurisdictions include Belgium, Canada, Guernsey, the Netherlands, Italy, and Mexico (joining Japan, Korea, and the United Kingdom). More agreements are expected in the coming months so that Hong Kong (China) will be able to exchange data with all interested and appropriate partners.

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As explained in today’s OECD release, Hong Kong in 2014 indicated its support for implementing the automatic exchange of financial account information (AEOI) on a reciprocal basis with appropriate partners with a view to commencing the first exchanges by the end of 2018. In order to exchange financial account information with a jurisdiction, Hong Kong must have a tax treaty or tax information exchange agreement that allows for AEOI and also must have signed a competent authority agreement with that jurisdiction. 

The OECD today also announced that Panama has deposited its instrument of ratification for the “Convention on Mutual Administrative Assistance in Tax Matters” that puts into place a pre-condition for delivering on its commitment to start exchanging common reporting standard (CRS) information in 2018. The convention will enter into force for Panama on 1 July 2017.

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