Hong Kong takes action with regard to Amendment No.2 Ordinance 2019

As previously reported (Link-Blog), on 1 March 2019, the Inland Revenue Department of Hong Kong (“IRD”) reported that the Inland Revenue (Amendment) (No. 2) Ordinance 2019 (Amendment Ordinance) was gazetted (Link). In relation to this, the IRD on 26 March 2019 (Link), reported that the amendments relating to the Automatic Exchange of Information (“AEOI”) would take effect from 1 January 2020. A new webpage (Link) relating to mandatory provident fund schemes and occupational retirement schemes has been created. With the increase in the number of reportable jurisdictions from the current 75 to 126, the webpage (Link) for reportable jurisdictions has also been updated. In addition, some guidelines for reporting financial institutions which are in the process of being liquidated and a new FAQ 31 setting out the required due diligence procedures for private investment companies have been uploaded onto the Department’s website (Link).

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

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