Hong Kong releases Annual Report 2018-19

On 12 November, the Inland Revenue Department of Hong Kong (“IRD”) release the Annual Report 2018-19 (Link). To introduce the report, the Commissioner of the IRD highlights the Automatic Exchange of Information (“AEOI”) as an important milestone in international tax cooperation in 2018 and 2019. To meet the international standard in respect of tax information exchanges Hong Kong seamlessly completed the first round of the AEOI data exchange. During the year, the Financial Institutions in Hong Kong submitted financial account information returns and the required information.

In addition, on 23 October 2019, the Frequently Asked Questions related to the Automatic Exchange of Information and the Foreign Account Tax Compliance Act (“FATCA”) released by the Hong Kong Monetary Authority were updated (Link).

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

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