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Hong Kong Continues to Enhance its Information Exchange on Taxation Matters – A Stocktake

The Hong Kong Special Administrative Region (HKSAR) is experiencing unprecedented change as it strives to be seen as a cooperative jurisdiction with respect to tax transparency and exchange of information. This paper reviews developments over the last two years since late 2013, the highlights being the HKSAR implementing legislation for facilitating tax information exchange agreements (TIEAs - the first being concluded with the US in mid-2014), signing a Model 2 intergovernmental agreement (IGA) under the Foreign Account Tax Compliance Act (FATCA) to enable financial institutions to transfer relevant information to the Internal Revenue Service (IRS), and embracing the Organisation for Economic Cooperation and Development’s (OECD) new standard for automatic exchange of information (AEOI) by committing to introduce legislation to facilitate AEOI by 2018. The HKSAR is also actively engaged with the challenges and opportunities of the OECD’s base erosion and profit shifting (BEPS) project.