Regulatory Alerts2024-08-07
Added · Updated
Automatic Exchange of Financial Account Information in Tax Matters
The Hong Kong Monetary Authority issued this circular to notify authorized institutions of legislative amendments to the Inland Revenue Ordinance that update the lists of participating and reportable jurisdictions for the Automatic Exchange of Financial Account Information. The amendments, effective 1 January 2025, add 11 new participating jurisdictions, remove nine, and include three additional reportable jurisdictions for data collection starting in 2025. The regulator also provides updated guidance on customer communications, emphasizing a balanced approach to statutory compliance, fair treatment, and adherence to privacy laws.
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