Hong Kong Has Plans to Follow New Automatic Exchange of Tax InformationDecember 15, 2014
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 changes
The 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) agreements
- Working to expand network of DTAs with Hong Kong’s major trading and investment partners
The 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”.