Mar 2009, Issue 3 Liberalisation of exchange of tax information
In conjunction with the upcoming G20 summit meeting in early April 2009, it is reported that the Organisation for Economic Co-operation and Development ("OECD") has prepared a paper summarizing the current situation with regard to international tax cooperation, including the issues of lack of transparency and lack of exchange of information internationally. This OECD paper includes the fact that several jurisdictions do not have a single agreement that complies with the OECD's standard on the exchange of tax information. Based on the existing treaties that Hong Kong has concluded, it is possible that Hong Kong could be included as one of the jurisdictions named. While this would be a challenge to the Hong Kong SAR Government, the recent development in Hong Kong comes timely and is constructive for Hong Kong to comply with the international standards.
In this Issue of News Flash, we will revisit the OECD's standards; share our observations of the call of the international tax arena for liberalisation of exchange of tax information; and look at what the Hong Kong SAR Government has done to address the issue.
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Hong Kong Tax News Flash (Mar 2009, Issue 3) (pdf file, 92KB) for your reference.
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