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Common reporting standard

In July 2014, the Organisation of Economic Cooperation and Development (OECD) released a new global standard for automatic exchange of financial account information between governments. The standard has two components: the Common Reporting Standard (CRS) which sets forth reporting and due diligence requirements, and the Model Competent Authority Agreement (CAA) which contains details of how the proposed exchange of information can be effectively executed. 

Financial institutions required to report under CRS include banks, custodians, brokers, asset managers, intermediaries, certain collective investment vehicles and certain insurance companies. The information to be reported in respect of reportable accounts include details of the account holder and information relating to the investment income, account balances and sales proceeds from financial assets associated with the account. 

As of October 2016, in excess of 100 countries have declared that they will commit to implementing the standard. This requires financial institutions located in first wave participating jurisdictions to collect information beginning 2016 and report it to the local tax authority beginning 2017.

On 30 June 2016, the tax legislation on implementing the CRS in Hong Kong was gazetted and became effective. As a second wave participating jurisdiction, Hong Kong financial institutions are to collect information beginning 2017 and report this to the Hong Kong Inland Revenue Department in 2018 to facilitate the commencement of information exchange by the end of the same year. 

If you would like to know more about CRS, the potential impact it will have on your institution and the available solutions then please contact one of our experts. 

Recent developments

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. 

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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.

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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.

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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.

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Suzanne Wat


Tel: +[852] 2289 3002

Gary Ng


Tel: +[852] 2289 2967

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