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Charting the Future: How is Hong Kong Responding to International Pressure for Enhanced Transparency, Cooperation, and Information Exchange on Taxation Matters?

The Hong Kong Special Administrative Region (HKSAR) is facing unprecedented pressure from the Organisation for Economic Cooperation and Development (OECD) and the United States (US) with respect to information exchange. The enactment of the Inland Revenue (Amendment) (No 2) Ordinance 2013 on 10 July 2013 enables the HKSAR to utilise enhanced information exchange under comprehensive double tax agreements (DTAs) and to enter into tax information exchange agreements (TIEAs). The HKSAR is also facing pressure following the enactment of the US’s Foreign Account Tax Compliance Act (FATCA) in 2010. This paper briefly outlines the implications of these international developments and examines the HKSAR’s responses to date.