Jul 2009, Issue 7
A step towards liberalising the exchange of tax information in Hong Kong: The Inland Revenue (Amendment) (No.3) Bill 2009 As reported in our
March 2009 Issue 3 and
June 2009 Issue 5 of Hong Kong Tax News Flashes, there have been international pressures for Hong Kong to adopt the international standard of tax transparency.
In February this year, the Financial Secretary announced the 2009/10 Fiscal Budget which contained a proposal to amend the existing provisions in the Inland Revenue Ordinance ("IRO") to accommodate the more liberal international standard of exchange of tax information endorsed by the Organisation for Economic Co-operation and Development ("OECD").
On 26 June 2009, Inland Revenue (Amendment) (No.3) Bill 2009 ("the Bill") was gazetted. The Bill introduces the necessary legislative amendments to the IRO for Hong Kong to adopt the 2004 OECD model Exchange of Information ("EoI") article in concluding comprehensive double tax arrangement / agreement ("CDTA"). In this News Flash, we highlight the proposed legislative changes and share our observations on this latest development.
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