Automatic Exchange of Financial Account Information (AEOI) - A matter of compliance for wealthy Chinese citizens?
In 2014, the Global Forum endorsed the new common reporting standard on automatic exchange of financial account information (AEOI). Jurisdictions that have publicly committed to implementing the AEOI standard on a timeline will first exchange tax information in 2017 or 2018. The Global Forum, in collaboration with the OECD, has been working hard to support these commitments. China (as well as Hong Kong) fall within the jurisdictions undertaking first exchanges in 2018. The first information exchange involving China will occur by September 2018.
Hong Kong - a series of new tax-related measures
Last week Hong Kong lawmakers passed several tax measures announced in the Budget for 2017-18 that are expected to reduce Hong Kong tax revenue by 2 billion HKD.