Hong Kong seeks to amend his AEoI framework to meet OECD recommendations on Controlling Persons.
Updated: May 27, 2020
Hong Internal Revenue Department ("IRD") gazetted two amendment notices to align Hong Kong's AEoI legislative framework with the prevailing international tax transparency standards (press release).
IRD with the amendments seeks
to expand the definition of a controlling person in relation to Partnerships; and
to address specific requirements on Financial Institutions to identify controlling persons.
"Hong Kong has to amend the implementation arrangements for automatic exchange of financial account information in tax matters (AEOI) under the IRO to give effect to the recommendations made by the Organisation for Economic Co-operation and Development (OECD). This is crucial for preserving Hong Kong's competitiveness and reputation as an international financial and business centre," a Government spokesman said.
About the Author
Marco is a certified Banker and holds degrees as MBA (finance and accounting) and LLM (international business and tax law).
Marco provides 30+ years of working experiences as internal auditor, business consultant, and project manager achieved within Commercial Banking Institutions, Private Banking Institutions, Wealth Management Organisations and Financial Service Provider located in Europe and the APAC Region.
Marco provided advisory services on
international tax transparency initiatives - AEoI, FATCA, EU-DAC6, OECD-CRS - to meet financial institutions AML/KYC, Customer due diligence, tax reporting and disclosure obligations;
the implementation of U.S Qualified intermediary regime (QI) and U.S 1099 tax reporting requirements;
the institution of investment compliance frameworks and policies supporting the monitoring of regulatory, contractual and bank internal investment restriction;