From 1st January 2017, the Common Reporting Standard (“CRS”) will be implemented in Hong Kong.
CRS is the internationally agreed standard endorsed by the Organisation of Economic Cooperation and Development (OECD). Under the CRS, it allows for the exchange of your financial account information. Banks are required to identify your tax residence status.
If you are a tax resident in a country with which Hong Kong has signed a competent authority agreement, the banks will disclose your account information to the Hong Kong Inland Revenue Department (IRD).
For more information about how this may affect you or your business, or assistance with personal/corporate bank account opening in Hong Kong, contact one of our Consultants for more information: info@tjassocs.com
You can find more information on CRS at both the IRD website:
and the OECD website:
