Hong Kong Signs AEOI Pacts With Portugal And South Africa
Hong Kong has signed agreements with Portugal and South Africa to automatically exchange financial account information in tax matters.
The agreements expand Hong Kong’s Automatic Exchange Of Information (AEOI) network to include a total of 11 countries. The other reportable jurisdictions for Hong Kong are Belgium, Canada, Guernsey, Italy, Japan, Korea, Mexico, the Netherlands, and the UK.
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.
The Inland Revenue Department expects to be begin exchanging information automatically in 2018, providing domestic legislation is put in place this year.