Hong Kong, 31 July 2017
Subsequent to the conclusion of a bilateral Competent Authority Agreement between Italy and Hong Kong for conducting AEOI on January 24, 2017 and the gazette of the Inland Revenue (Amendment) (No. 2) Ordinance 2017 (Amendment Ordinance) on 16 June 2017, the automatic exchange of financial account information in tax matters (“AEOI”) between Italy and Hong Kong will commence in 2018 with respect to the information collected since 1 July 2017.
Reportable financial institutions in Hong Kong will report financial accounting information of its account holders who are classified as reportable persons to the Inland Revenue Department for AEOI with Italy on an annual basis. The information will be exchanged within nine months after the end of the reporting period.
For details of the AEOI between Italy and Hong Kong, please visit our website for our previous tax newsletter on practical aspects of the automatic exchange of information: Italy-Hong Kong example dated 6 April 2017.
Our previous tax newsletter on other AEOI developments in Hong Kong can be accessed below:
Exchange of information in Hong Kong dated 30 August 2016
CRS Updates in Hong Kong dated 15 December 2016
Automatic exchange of information: updates in Hong Kong dated 22 March 2017
For more information, please contact:
Asian Tax Advisory:
Certified Tax Advisor, LL.M.
Rooms 501-2, Wilson House,
19-27 Wyndham Street,
Central, Hong Kong
Tel: (852) 3102 1995
Fax: (852) 3102 0991