Hong Kong: IRD plans to launch AEOI portal from July 2017

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The Inland Revenue Department (IRD) plans to launch an Automatic Exchange of Information (AEOI) portal from 3 July 2017, according to a spokesman for the IRD. The portal would be used for financial institutions to furnish notifications and file returns in relation to the reporting of financial account information for automatic exchange of financial account information (AEOI) purposes.

Financial institutions have to register under the AEOI Portal in order to use the online services. The users are required to use their e-Cert (Organisational) with AEOI Functions for the purposes of authentication so as to ensure confidentiality of the data being transmitted.

A financial institution maintaining reportable accounts on or before 3 July 2017 is required to register under the AEOI Portal and submit a notification of commencement of maintaining reportable accounts no later than 3 October 2017. Financial institutions who commence to maintain any reportable accounts after 3 July 2017 should submit the required notifications through the AEOI Portal within three months from the commencement of maintaining such accounts.

The IRD has organised seminars to familiarize financial institutions with the operation of the AEOI Portal. The Portal can be accessed through https://aeoi.ird.gov.hk from 3 July 2017.

 

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