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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.

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.

Hong Kong signs agreements on automatic exchange of financial account information in tax matters with 6 jurisdictions

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Hong Kong has signed agreements with six jurisdictions for conducting automatic exchange of financial account information on tax matters. They are Belgium, Canada, Guernsey, Italy, Mexico and the Netherlands.

A Government spokesman said on 17 March 2017 that they have been seeking to expand Hong Kong’s AEOI network with their tax treaty partners. The signing of agreements with six more jurisdictions, bringing up the number of Hong Kong’s AEOI partners to a total of nine (including Japan, Korea and the United Kingdom), signifies the Government’s efforts in this drive

The Government will put the six places on the list of “reportable jurisdictions” under the Inland Revenue Ordinance.

Poland passes bill on exchange of information in tax matters

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The lower chamber of the parliament (Sejm) has passed the Bill on 10 February 2017 regarding the Exchange of Information in tax matters with other countries. The bill implementing among other measures, Council Directive 2014/107 with regard to the automatic exchange of information in tax matters. After approving by the higher chamber of the parliament (Senat) and signing by the President, the Law will become enter into force 7 days from the publication date in the official journal.

TIEA between Switzerland and Iceland enters into force

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The tax exchange of information agreement (TIEA) between Iceland and Switzerland has been entered into force on 1 January 2017 through an exchange of notes (EoN). It applies from the same date of its entry into force. The agreement was signed on 26 October 2016 by Switzerland and on 28 October 2016 by Iceland. The agreement has projected to ensure that Iceland and Switzerland will be able to start the automatic exchange of financial account information according to the OECD Automatic Exchange of Information Agreement of 2014, base on the Council of Europe – OECD Convention on Mutual Administrative Assistance in Tax Matters (MAA) of 1988. This exchange of information agreement (2014) has been amended by the 2010 protocol approved by the Iceland – Switzerland Joint Declaration on Automatic Exchange of Information (2016).

TIEA between Switzerland and Norway enters into force

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The tax exchange of information agreement (TIEA) between Norway and Switzerland has been entered into force on 1 January 2017 through an exchange of notes (EoN). It applies from the same date of its entry into force. The agreement was signed on 26 October 2016 by Switzerland and on 13 December 2016 by Norway. The agreement is projected to ensure that Norway and Switzerland will be able to start the automatic exchange of financial account information according to the OECD Automatic Exchange of Information Agreement of 2014, base on the Council of Europe – OECD Convention on Mutual Administrative Assistance in Tax Matters (MAA) of 1988. This exchange of information agreement (2014) has been amended by the 2010 protocol and approved by the Norway – Switzerland Joint Declaration on Automatic Exchange of Information of 2016.