Hong Kong and Mainland China adopted a regulation for performing the automatic exchange of financial account information in tax matters, which entered into force on September 6, 2018.
Firstly, Hong Kong will automatically exchange information on financial accounts with the Mainland China during this month and further with other 49 jurisdictions, which have signed the agreements with Hong Kong.
Previously, Hong Kong activated exchange relations with 49 other jurisdictions on the basis of bilateral or multilateral competent authorities agreements in accordance with the Convention on Mutual Administrative Assistance in Tax Matters.
The government announced that Hong Kong will continue to fulfill its obligations to implement the automatic exchange of tax information in accordance with the Common Reporting Standard promulgated by the Organization for Economic Cooperation and Development.
As of the end of August, 2018, 149 jurisdictions, including Hong Kong, have committed themselves to implement such an agreement.
