Hong Kong Inland Revenue (Amendment) (No. 3) Ordinance 2016 came into effect on 30 June 2016. The ordinance provides the legal framework for Hong Kong to implement the automatic exchange of financial account information in tax matters (AEOI) in line with the OECD Common Reporting Standard.
Hong Kong intends to begin the collection of financial account information in 2017 and begin automatic exchange in 2018. For this purpose, Hong Kong aims to conclude AEOI negotiations by the end of 2016 with potential AEOI partners with which Hong Kong currently has a tax treaty or tax information exchange agreement in place.
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