The Inland Revenue Department of Hong Kong announced that Hong Kong has signed agreements with Portugal and South Africa for conducting automatic exchange of financial account information in tax matters (AEOI).
Hong Kong had been indicated its support for implementing AEOI on a reciprocal basis with appropriate partners with a view to commencing the first exchanges by the end of 2018. The signing of the agreements brings the number of Hong Kong's automatic exchange partners in financial account information to 11. The other partners are Belgium, Canada, Guernsey, Italy, Japan, Korea, Mexico, the Netherlands and the UK.
A bill was tabled at the Legislative Council on March 29 seeking to include Hong Kong's newly confirmed partners and prospective ones in the list of "reportable jurisdictions" under the Inland Revenue Ordinance.
The Inland Revenue Department expects to be begin exchanging information automatically in 2018, providing domestic legislation is put in place this year, the Inland Revenue Department of Hong Kong informed.
Source: Hong Kong Government
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
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