global Tax Hong Kong Has Plans to Follow New Automatic Exchange of Tax Information December 15, 2014 Disclaimer This post was published more than two years ago, and some information may now be out of date. We want to help you make the best decisions possible—please connect with your advisor or check out our latest resources for the most current guidance. Hong Kong works to improve tax transparency and fight cross border tax evasion. In order to improve tax transparency and combat cross-border tax evasion, Hong Kong has decided that it will support the new automatic exchange of tax information. Hong Kong has decided this is the best decision for the country because it will allow it to maintain its international reputation and competitiveness.Hong Kong makes changesThe country has moved toward meeting the evolving international standard on exchange of information through changes like:Getting rid of the domestic tax interest requirement in exchange of information under comprehensive double taxation avoidance (DTA) agreementsWorking to expand network of DTAs with Hong Kong’s major trading and investment partnersThe first automatic information exchanges are projected to start by the end of 2018. For more information on the changes read our article, “Hong Kong backs heightened tax transparency and fight against tax evasion”.
