2022 latest updates
In March 2022 the OECD released a public consultation document seeking comments on a proposed Crypto-Asset Reporting Framework (CARF) and proposed amendments to the Common Reporting Standard (CRS). This is to address the emergence of crypto-assets and digital money products, and of the intermediaries that facilitate transactions in these assets and products.
2021 latest updates
The legislation on the Standard for Automatic Exchange of Financial Account Information in Tax Matters came into force in Hong Kong in January 2017. Now into its 5th year, we look at how the Inland Revenue Department (IRD) has been enforcing the requirements of the legislation. It is important that financial institutions look at how they have operationalised their policies and procedures concerning the due diligence review of their account holders and also whether their data management systems are appropriately configured to enable the reporting of correct and complete financial account information to the IRD.
2017 latest updates
Korea became Hong Kong’s third AEOI partner on 23 January 2017, with financial account information commencing to be exchanged in 2019.
2016 latest updates
The Hong Kong tax legislation on implementing automatic exchange of financial account information in tax matters ("AEOI") was gazetted and became effective on 30 June 2016.
Japan and the United Kingdom became Hong Kong's first AEOI partners on 26 October 2016 when the Hong Kong government signed bilateral competent authority agreements with the two jurisdictions. Financial account information will commence to be exchanged by the end of 2018.