Hong Kong published an update regarding its proposal for the implementation of automatic exchange of information (AEOI) in Hong Kong on 12 October. The update identified changes adopted into the proposal following comments received during a three-month public consultation earlier this year.
In September last year, Hong Kong pledged its commitment to adopt the new Organization for Economic Cooperation and Development standard on AEOI and to commence the first information exchanges by the end of 2018. The commitment is conditioned on enacting the necessary legislation. A consultation exercise was launched to gauge views on how the AEOI standard should be incorporated into Hong Kong law. More than 40 stakeholders provided feedback. A resulting bill is expected to be introduced into the Legislative Council in early 2016 in line with the implementation plan.
Three major changes were incorporated into the proposal.
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Business Law Digest is compiled with the assistance of Baker & McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mailing Danian Zhang (Shanghai) at: danian.zhang@bakermckenzie.com
