The Hong Kong Government has announced the publication of the Inland Revenue (Amendment) (No. 5) Bill 2017 in the Official Gazette on 6 October 2017. The Bill would allow for Hong Kong to take part in the multilateral Convention on Mutual Administrative Assistance in Tax Matters and to align the Inland Revenue Ordinance with the OECD Common Report Standard (CRS) for the automatic exchange of financial account information. In addition to exchange under CRS, the announcement also notes Hong Kong's need to take part in the Mutual Assistance convention for the purpose of Country-by-Country report and tax ruling exchange.
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