Hong Kong passes Bill on AEOI

On 1 March 2019, the Inland Revenue Department of Hong Kong reported that the Inland Revenue (Amendment) (No. 2) Ordinance 2019 (Amendment Ordinance) was gazetted (Link).

The legislative framework of automatic exchange of financial account information in tax matters (“AEOI”) under the Inland Revenue Ordinance (Cap. 112) (“IRO”) will be refined with effect from 1 January 2020, for a better aligning of the relevant provisions with the requirements promulgated by the OECD. In addition, the Amendment Ordinance increases the number of reportable jurisdictions from the current 75 to 126 (Link).

More information on AEOI in Hong Kong is provided on the government’s information webpage (Link).

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