New International Tax Treaty Landscape for China and Hong Kong
On 7 June 2017, senior officials and representatives of 67 jurisdictions (including Mainland China, who also represented Hong Kong SAR) gathered in Paris to participate in the signing ceremony for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting or the Multilateral Instrument (MLI). The provisional MLI position for each signing jurisdiction is now published on the website of the Organization for Economic Cooperation and Development (OECD).
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.