The Hong Kong government announced that a competent authority agreement (CAA) for the exchange of financial account information in tax matters (AEOI) from 2018 has been signed with New Zealand on 14 July 2017. With this latest agreement, Hong Kong’s network of bilateral CAAs relating to the exchange of financial account information now covers 14 jurisdictions. The other jurisdictions are: Belgium, Canada, Guernsey, Indonesia, Ireland, Italy, Japan, Korea, Mexico, the Netherlands, Portugal, South Africa and the United Kingdom.
In the same announcement, the government reiterated its resolve to table legislative proposals by the end of 2017 in order to adopt the OECD-Council of Europe Mutual Assistance Convention.
The Inland Revenue had earlier announced that the AEOI Portal would be launched on 3 July 2017 for financial institutions to furnish notifications and file returns in relation to the reporting of financial account information for automatic exchange of financial account information (AEOI) purposes.
Financial Institutions have to register under the AEOI Portal in order to use the online services. The users are required to use their e-Cert (Organisational) with AEOI Functions for the purposes of authentication so as to ensure confidentiality of the data being transmitted.
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