Hong Kong Launches Public Consultation on the Automatic Exchange of Financial Account Information in Tax Matters

On 24 April 2015, the Hong Kong government announced the launch of a public consultation on proposals to apply the automatic exchange of financial account information in tax matters (AEOI). The proposals are based on the Organization for Economic Cooperation and Development (OECD) standard promulgated in July 2014. The proposals relate to:

• The definitions of Financial Institutions (FIs);
• The types of information FIs have to secure from account holders;
• The due diligence and reporting requir…