HK signs AEOI Pacts with Portugal and South Africa

Hong Kong has signed agreements on automatic exchange of financial account information in tax matters with Portugal and South Africa.

The Inland Revenue Department expects to begin exchanging information automatically in 2018, providing domestic legislation is put in place this year.

The two above-mentioned agreements expand Hong Kong’s Automatic Exchange of Information (AEOI) network to include a total of 11 countries.

Besides Portugal and South Africa, the reportable jurisdictions for Hong Kong are as follows:
Belgium,
Canada,
Guernsey,
Italy,
Japan,
Korea,
Mexico,
the Netherlands,
the United Kingdom.

The agreements were signed under the OECD’s latest international tax transparency standard, the Common Reporting Standard, which provides that countries should provide on an annual basis information on foreign account holders with deposits in their territory to their home state authorities.

Filed under: Business and Economy, International Business Environment, Taxation