Hong Kong Tax News Flash

Jul 2017, Issue 8

Implementing automatic exchange of financial account information in Hong Kong – The AEOI Portal

On 30 June 2017, a notice to designate the AEOI Portal as the information system for AEOI purposes was gazetted. On the same date, the Inland Revenue Department (IRD) issued a press release, announcing that the AEOI Portal has been launched on 3 July 2017 for financial institutions (FIs) to furnish notifications and file returns in relation to the reporting of financial account information for AEOI purposes. 

With the launch of the AEOI Portal, it finally comes to the implementation stage of AEOI in Hong Kong. At this stage, FIs should have already put in place effective information systems and procedures for complying with the relevant due diligence and reporting obligations under the AEOI regime. Reporting FIs maintaining reportable accounts on or before 3 July 2017 are expected to register an account under the AEOI Portal and submit a notification of commencement of maintaining reportable accounts to the IRD on or before 3 October 2017, while other FIs should do so within three months from the commencement of maintaining such accounts. Reporting FIs should also be mindful of the respective first information period of each of the reportable jurisdictions and make sure the registrations, notifications and filing of AEOI returns to be done within the time specified by the IRD in order to avoid any potential penalty.

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