Tax services

Worldwide tax summaries Asian Tax and Advisory Webcast Series

Hong Kong Tax News Flash 

Apr 2014, Issue 4

Hong Kong's first tax information exchange agreement was signed with the US

Hong Kong and the US signed a tax information exchange agreement (TIEA) on 25 March 2014, the first of its kind signed by Hong Kong. The HK-US TIEA will provide the legal basis for the implementation of the Foreign Account Tax Compliance Act (FATCA) in Hong Kong, which will be effective from 1 July 2014. Further to the TIEA, Hong Kong is under discussions with the US to enter into an intergovernmental agreement to facilitate financial institutions in Hong Kong to comply with FATCA.

As the pressure for greater tax transparency continues to grow and that automatic exchange of information (EoI) is now becoming the latest international standard on EoI, it is expected that the EoI regime in Hong Kong will continue to evolve. Multinational corporations with cross-border transactions/operations should stay tuned for the development in this area and be prepared to assess the possible impact of the changing EoI landscape on them.

Other issues of Hong Kong Tax News Flash
Visit our Tax Library.
David Smith
Senior Advisor
Tel: +[852] 2289 5802 Email
Jeremy Ngai
Hong Kong
Tel: +[852] 2289 5616 Email
Kenneth Wong
Hong Kong
Tel: +[852] 2289 3822 Email
Anthony Tong
Hong Kong
Tel: +[852] 2289 3939 Email
Paul Ho
Hong Kong
Tel: +[852] 2289 3061 Email
More contacts