Hong Kong’s Secretary for Financial Services and the Treasury, K C Chan, has emphasized that the Government is committed to complying with the latest international tax developments, including on tax transparency and tackling base erosion and profit shifting.
In his speech to the Taxation Institute of Hong Kong 2015 CTA Conference on November 20, Financial Services Secretary said: “For Hong Kong, as an international financial center, we can ill afford not to adapt to the rapidly evolving situation and catch up with the latest global developments.”
One of the major initiatives that the Government is currently addressing is the implementation of the international standard on the automatic exchange of financial account information as regards taxation. The territory has committed to commence the first automatic information exchanges by the end of 2018, providing the necessary domestic legislation is in place by 2017.
Filed under: HK as a Financial Centre, Taxation
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