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Hong Kong

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Hong Kong Launches Public Consultation on the Automatic Exchange of Financial Account Information in Tax Matters

On 24 April 2015, the Hong Kong government announced the launch of a public consultation on proposals to apply the automatic exchange of financial account information in tax matters (AEOI). The proposals are based on the Organization for Economic Cooperation and Development (OECD) standard promulgated in July 2014. The proposals relate to:

  • The definitions of Financial Institutions (FIs);
  • The types of information FIs have to secure from account holders;
  • The due diligence and reporting requirements FIs have to follow;
  • The powers of the Inland Revenue Department to collect relevant information from FIs and forward such information to designated bilateral AEOI partners; and
  • The sanctions for non-compliance and confidentiality provisions

The government plans to introduce an amendment bill including final measures concerning AEOI into the Legislative Council in early 2016, and begin the first information exchanges by the end of 2018. The information exchange will be conducted on a bilateral basis with jurisdictions with which Hong Kong has signed a tax treaty or tax information exchange agreement.

Click the following link for the AEOI consultation paper. Comments must be submitted by 30 June 2015.

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