The Inland Revenue Department of the Government of Hong Kong released updated versions of Chapters 11 and 12 of the Guidance for Financial Institutions. The changes include the procedures that reporting financial institutions must apply.
This Guidance is intended to aid financial institutions in complying with their obligations. It contains the Department’s views on the due diligence procedures required by the Common Reporting Standard of the Organisation for Economic Co-operation and Development (OECD). While every effort is made to ensure that the information given in this Guidance is accurate, it is not a legal document. It is also important for financial institutions to make reference to the materials published by the OECD at the Automatic Exchange Portal, the Inland Revenue informed.
Chapters 11 and 12 of the Guidance for Financial Institutions have been updated to include the procedures that reporting financial institutions must apply in respect of entity accounts, if there is a change of circumstances that causes the financial institutions to have reason to know that the self-certification or other documentation associated with the account is incorrect or unreliable.
Sources: Guidance for Financial Institutions
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.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):
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