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Common Reporting System (CRS) / Automatic Exchange of Financial Account Information (AEOI)

Overview

Common Reporting System (“CRS”) / Automatic Exchange of Financial Account Information (“AEOI”) is a new system that enhances tax transparency and combat cross-border tax evasion by transmission of the identified reportable persons and their financial account information from Hong Kong to an overseas tax jurisdiction with which Hong Kong has entered into an AEOI agreement.   

The Inland Revenue (Amendment) (No. 3) Ordinance 2016 (“the Amendment Ordinance”) has put in place a legislative framework for Hong Kong to implement CRS / AEOI.  To deliver the commitment, Hong Kong will commence the first exchanges by the end of 2018.

According to the due diligence procedures set out in the Amendment Ordinance, to confirm your tax residence, self-certification would be required from you for all new accounts.  As for pre-existing accounts (i.e. accounts opened before 1 January 2017), if Chong Hing Bank (“the Bank”) has doubt about your tax residence, the Bank will need to seek a self-certification from you to verify your tax residence. 

If you have any doubt about your tax residence, you may consider seeking professional advice.  Useful guidance may also be found in the website of Inland Revenue Department of Hong Kong (http://www.ird.gov.hk/eng/tax/dta_aeoi.htm) and Organisation for Economic Cooperation and Development (“OECD”) CRS portal (http://www.oecd.org/tax/automatic-exchange/ ).

 

Disclaimer
The information provided herein is for reference purpose only.  It should not be considered as tax or legal advice. Chong Hing Bank Limited (“the Bank”) makes no warranty or representation of its accuracy or completeness and is not responsible for any error or omission, nor shall the Bank be liable for any loss or damage that results from reliance upon the information provided.  You should seek your professional legal and/or tax advice specific to your own situation.

The Chinese translation is for ease of reference only.  In case of any discrepancy between the English version and the Chinese version, the English version shall prevail to the extent of such discrepancy.