TIEAs

Hong Kong signs AEOI agreement with Indonesia

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Hong Kong has signed an agreement with Indonesia for conducting automatic exchange of financial account information in tax matters (AEOI), a Government spokesman said on June 16, 2017.

The spokesman added that they have been seeking to expand Hong Kong’s AEOI network with their tax treaty partners. Including the agreement with Indonesia, Hong Kong now has 13 AEOI partners. The others are Belgium, Canada, Guernsey, Ireland, Italy, Japan, Korea, Mexico, the Netherlands, Portugal, South Africa and the United Kingdom.

The spokesman also added that the Government plans to extend the application of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters to Hong Kong. An amendment bill will be introduced into the Legislative Council in late 2017.

Hong Kong: AEOI agreement with Ireland

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Hong Kong has signed an agreement with Ireland for conducting automatic exchange of financial account information in tax matters (AEOI) from 2018 onwards, a Government spokesman said on June 8, 2017.

The spokesman added that they have been seeking to expand Hong Kong’s AEOI network with their tax treaty partners. Including the agreement with Ireland, Hong Kong now has 12 AEOI partners. The others are Belgium, Canada, Guernsey, Italy, Japan, Korea, Mexico, the Netherlands, Portugal, South Africa and the United Kingdom.

The spokesman also said that the Government also plans to extend the application of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters to Hong Kong. An amendment bill will be introduced into the Legislative Council in late 2017. This will help further expand Hong Kong’s AEOI network.

South Africa-Grenada TIEA enters into force

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The Tax Information Exchange Agreement (TIEA) between South Africa and Grenada entered into force on 10 March 2017, following publication in the Official Gazette of the Republic of South Africa on 13 April 2017.

The agreement provides for the effective exchange of information regarding tax matters between the tax authorities including automatic exchange of information which is necessary for the exchange of financial account information based on the international standards formulated by the OECD, and is expected to contribute to the prevention of international tax evasion and tax abuse.

Hong Kong: Government signed AEOI agreement with Portugal and South Africa

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The government of Hong Kong has signed agreements with Portugal and South Africa for conducting automatic exchange of financial account information in tax matters (AEOI). A Government spokesman said on 03 April 2017 that they have been seeking to expand Hong Kong’s AEOI network with their tax treaty partners. The signing of agreements with two more jurisdictions, bringing up the number of Hong Kong’s AEOI partners to a total of eleven (including Belgium, Canada, Guernsey, Italy, Japan, Korea, Mexico, the Netherlands and the United Kingdom).

On March 2017, the government introduced the Inland Revenue (Amendment) (No. 3) Bill 2017 into the Legislative Council which seeks to include Hong Kong’s newly confirmed AEOI partners as well as prospective ones in the list of “reportable jurisdictions” under the Inland Revenue Ordinance.

Andorra, Italy EOI Agreement enters into force

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On 27 March 2017, the Exchange of Information (EOI) Agreement between Andorra and Italy was entered into force. The agreement generally applies from 27 March 2017 for criminal tax issues and from 1 January 2018 for all other tax issues.

Belgium approves multilateral competent authority agreement on automatic exchange of information

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According to a press release of 23 March 2017, the government of Belgium announced that the Council of Ministers had approved, on that date, a bill implementing the OECD Automatic Exchange of Financial Account Information Agreement and the bill will soon be submitted to the parliament.

TIEA between Anguilla and New Zealand enters into force

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The Anguilla – New Zealand Exchange of Information Agreement (TIEA) of 2009 has been entered into force on 6th January 2017 regarding tax matters. The TIEA will be applicable from 1st April 2017.