According to a recent update to Hong Kong's Country-by-Country (CbC) reporting guidance page, bilateral agreements are effective for the automatic exchange of CbC reports from the 2017 reporting fiscal year with Japan, the Netherlands, New Zealand, and South Korea. The agreements serve as an interim solution for the exchange of CbC reports until the CbC Multilateral Exchange Agreement is effective for Hong Kong, which is for fiscal years beginning on or after 1 January 2019.