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Hong Kong Tax News Flash 

Jan 2014, Issue 1

The peer review on Hong Kong is over, but the pressure remains

The Global Forum recently published the phase two peer review report on Hong Kong. The report concluded that Hong Kong is compliant with exchanging information in a timely manner and assigned an overall rating of 'largely compliant' to Hong Kong. Although the peer review on Hong Kong is now over, the pressure for Hong Kong to meet the international standard of greater tax transparency and more effective exchange of information (EoI) remains. Multinationals with cross-border transactions/operations should stay tuned of the developments in this area and assess the implications of such developments on their tax policies as well as tax function resources. This News Flash summarises the major findings of the phase two review, the recommendations made by the Global Forum, and discusses the latest global developments on tax transparency and EoI.

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David Smith
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Hong Kong
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