On January 8, 2016 the Inland Revenue (Amendment) Bill 2016 and Explanatory Memorandum were gazetted in The Government of the Hong Kong Special Administrative Region of the People’s Republic of Hong Kong Gazette. The Bill seeks to put in place a legal framework for Hong Kong to implement the new international standard for automatic exchange of financial account information in tax matters (AEOI) as promulgated by the Organisation for Economic Co-operation and Development (OECD). According to a press release published on the website of the Inland Revenue Department of the Government of the Hong Kong Special Administrative Region the Bill will be introduced into the Legislative Council on January 20, 2016.

In September 2014 Hong Kong pledged support for the Automatic Exchange of Information (AEOI) standard. According to the press release the commitment was that, subject to the passage of local legislation, AEOI would be implemented on a reciprocal basis with appropriate partners which could meet relevant standards on protection of privacy and confidentiality of information exchanged and ensuring proper use of the data exchanged, with a view to commencing the first information exchanges by the end of 2018.

Click here to be forwarded to the Inland Revenue (Amendment) Bill 2016 and Explanatory Memorandum as gazetted in The Government of the Hong Kong Special Administrative Region of the People’s Republic of Hong Kong Gazette, which will open in a new window.

For further information click here to be forwarded to the press release that was published on the website of the Inland Revenue Department of the Government of the Hong Kong Special Administrative Region.

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