<p>  The Government of Hong Kong is considering proposals by interested parties for the best implementation of the automatic exchange of financial and tax information.</p><p>  Today, Hong Kong's commitment to meeting all international standards of transparency with the purpose of further AEOI is, more than ever, one of the most important issues for maintaining a positive reputation for jurisdiction. In addition, the preparation of not only Hong Kong, but also other jurisdictions that have joined the OECD program on the automatic exchange of tax information, is "fatal" for the implementation of the entire program. The most vivid example of the failure of preparation was the FATCA law introduction, reporting on which was extended a year ahead due to failure to collect the necessary information for its transfer to the US tax authorities. That is why Hong Kong's efforts are particularly valuable for the implementation of the entire program.</p><p>  The Hong Kong government informed the Global Forum on Exchange and Transparency of Tax Information that Hong Kong supports a new global standard for automatic information exchange to expand tax transparency and combat international tax evasion.</p><p>  The Organization for Economic Development and Cooperation presented the Common Accounting Standard for the automatic financial information exchange for tax purposes, and encouraged Governments to obtain detailed information on the accounts from their financial institutions, after which they automatically exchange information with the jurisdictions in which the owners of those accounts reside. Provide this information every year. The Global Forum consisted of 120 member jurisdictions, including Hong Kong, and invited all its member jurisdictions to commit to the implementation of this new international standard, after which Hong Kong stated that it fully supports this initiative.</p><p>  From April to June 2015, the Hong Kong government held consultations, and the first automatic exchange of information is planned by the end of 2018.</p><p>  In recent years, Hong Kong has significantly expanded its regime to meet the emerging international standards for information exchange. Including Hong Kong abolished internal requirements for the tax on interest, which allowed to comply with comprehensive agreements on avoidance of double taxation, and also established a legal mechanism for its jurisdiction to conclude agreements on the exchange of tax information with other countries.</p><p>  The Global Forum recognizes Hong Kong's efforts in this direction and confirms that Hong Kong is an effective and cooperating partner in the exchange of information with other countries.</p><p>  It is worth noting that Hong Kong actively supports international efforts to promote transparency in tax administration, and strives to comply with the standard of transparency and information exchange developed by the Organization for Economic Cooperation and Development, while protecting the confidentiality of information and doesn't violate the rights of taxpayers.</p><p>  "It is important for Hong Kong to adopt the last global standard in the area of fiscal transparency in order to maintain its international commercial and financial center competitiveness, as well as its international reputation", said Secretary of Treasury and Financial Services, Professor KC Si Chan. Having added that "by promoting this initiative" the Hong Kong government will pass through the usual procedure of approval and adoption of the standard, and will involve relevant stakeholders, thus creating an appropriate strategy and resolving legal issues that require the approval of the Legislative Council for enforcing the new international standard.</p><p><span style="color: #444444; font-family: Arial, sans-serif; font-size: 10.5pt; text-align: justify;"> </span></p><p><span style="color: #444444; font-family: Arial, sans-serif; font-size: 10.5pt; text-align: justify;"> </span></p><p style="text-align: center;"><em> If you have any questions, feel free to ask them to <strong>Castle Castle Office</strong> specialists! Write us at:</em></p><p style="text-align: center;"><em> </em><em><strong><em><span face="Calibri" size="3"><span lang="EN-US"><span face="Calibri" size="3"><a href="mailto:info@castle-familyoffice.sg">info@castle-familyoffice.s<span style="text-decoration: underline;">g</span></a></span></span></span></em></strong></em><span style="color: #444444; font-family: Arial, sans-serif; font-size: 10.5pt; text-align: justify;"><br /></span></p>