According to an announcement published on 15 January 2018, Hong Kong has signed an agreement with France on the automatic exchange of financial account information in tax matters (AEOI).
The Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Multilateral Convention) will be the main platform for Hong Kong to exchange CbC Reports with other jurisdictions. For this, the Government introduced the Inland Revenue (Amendment) (No. 5) Bill 2017 into the LegCo on 18 October 2017 seeking to, among others, empower the Chief Executive-in-Council to make an order for giving effect to the Multilateral Convention. The Multilateral Convention will apply to Hong Kong after the enactment of the legislation, the making of the order and the completion of relevant procedures with the Depositary of the Multilateral Convention.
Hong Kong has made bilateral CbC arrangements with Ireland, South Africa and the UK, for early reporting under the framework, with first exchanges covering reports for the year 2016 onward.
