Understanding your tax obligation in Asia

Understanding your tax obligation in Asia: 2017.04.05 08:37 涝仿

<span style="text-align: justify; color: rgb(0, 0, 0); letter-spacing: normal; font-family: Verdana, Geneva, sans-serif; font-size: 14px;">As you might know in response to a mandate from G20 leaders, the OECD has recently presented a draft of a new single global standard for the automatic exchange of information between tax authorities worldwide including Hong Kong. The below booklet is based on taxation laws and other legislation, as well as current practices, including Practice of Financial Institution in Hong </span><span style="text-align: justify; color: rgb(0, 0, 0); letter-spacing: normal; font-family: Verdana, Geneva, sans-serif; font-size: 14px;">Kong.</span><div><div style="text-align: justify;"><font color="#000000" face="Verdana, Geneva, sans-serif"><span style="font-size: 14px;"><br></span></font></div><div><strong style="text-align: justify; color: rgb(0, 0, 0); font-family: Verdana, Geneva, sans-serif; font-size: 14px;">Common Reporting Standard (CRS) in Hong Kong 2017</strong><br style="text-align: justify; color: rgb(0, 0, 0); font-family: Verdana, Geneva, sans-serif; font-size: 14px;"><span style="text-align: justify; color: rgb(0, 0, 0); letter-spacing: normal; font-family: Verdana, Geneva, sans-serif; font-size: 14px;">A quick reference guide outlining CRS tax information in Hong Kong. Let me know if you need further comment about your tax position in Asia.</span></div></div><div><span style="text-align: justify; color: rgb(0, 0, 0); letter-spacing: normal; font-family: Verdana, Geneva, sans-serif; font-size: 14px;"><br><table width="100%" style="border-collapse: collapse !important; border-spacing: 0 !important;" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="text-align: center; line-height: 0px; padding-top: 0px; border-collapse: collapse !important;"><p style="color: blue; font-family: Verdana,Geneva,sans-serif; font-size: 18px; text-decoration: underline;"><a href="http://www.cpachina.com.hk/offshore/crm/today55/p114_cpachina_012017/crs-eng.pdf" target="_blank"><font color="#0066cc">www.cpachina.com.hk/crm/today55/crs-eng.pdf</font></a> </p></td></tr><tr><td style="line-height: 0px; padding-top: 15px; border-collapse: collapse !important;"></td></tr></tbody></table></span></div><span style="text-align: justify; color: rgb(0, 0, 0); letter-spacing: normal; font-family: Verdana, Geneva, sans-serif; font-size: 14px;"><div><table width="700" align="center" class="center" id="news_image"><tbody><tr><td><a href="http://www.cpachina.com.hk/crm/today55/crs-eng.pdf" target="_self"><img width="700" align="absmiddle" src="http://itaewonnews.com/PEG/14913488553321.jpg"></a><div id="news_caption">°©2017. 瘕闲鸱 GLOBAL CPA</div></td></tr></tbody></table></div><div><font color="#555555" face="Dotum"></font> </div><div><font color="#555555" face="Dotum"><strong>Preface</strong><br>The purpose of this publication is to provide foreign investors with a general understanding of Common Reporting Standard (CRS) in Hong Kong (HKSAR). It is not written as a comprehensive guide, but rather it is designed to provide information on material issues that foreign Individual or Entity should consider when<br>doing business and investing in Hong Kong.<br>This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice or legal opinion. The information contained in this publication should not form the basis of any decision as to a particular course of action. You should not act upon the information contained in this publication without obtaining specific professional advice.<br></font></div><div><font color="#555555" face="Dotum">Common Reporting Standard (CRS) in Hong Kong has been designed for the information of readers. Whilst every effort has been made to ensure accuracy, information contained in this guide may not be comprehensive and recipients should not act upon it without seeking professional advice. Facts and figures as presented are correct at the time of writing.<br>By taking advantage of the Global CPA worldwide network and with our understanding of the Mainland China and Hong Kong culture and business environment, we are able to provide comprehensive services to our clients, helping them in setting up their business, exploring opportunities and minimum risk in Asia.<br>We look forward to co-operating with any international business and assisting the said international business to grow globally and achieve shareholder success in the future.</font><br></div><div> </div><div><strong>Index</strong><br>1. International and Hong Kong Local Environment 3</div><div>2. CRS’ Principle in Hong Kong 4<br>3. Disclosure Requirement of CRS in Hong Kong 5<br>4. Financial information Disclosure and Exchange in Hong Kong 6<br>6. CRS Time frame for Collection and Reporting of information in Hong Kong 8<br>5. CRS Tax Guidance for Hong Kong Financial Institutions 7<br>7. Practice of Financial Institution in Hong Kong 9</div><div>8. Responsibility of Financial account’s Holders in Hong Kong 10<br>9. Global CPA - CRS Solution 13<br>10. Global CPA Contact 14</div><div> </div><div> </div><div>1. International and Hong Kong Local Environment CRS is an initiative by the G20 and<br>Organization for Economic Co-operation and Development (OECD) aimed at<br>detecting and deterring tax evasion by taxpayers through the use of offshore<br>accounts. Jurisdictions that commit to the CRS must adopt its requirements via local<br>legislation and/or guidance. </div><div>The Inland Revenue Department (IRD) of Hong Kong has proposed regulations to<br>allow Hong Kong to implement the Standard for Automatic Exchange of<br>Financial Account Information in Tax Matters (AEOI), also known as the<br>Common Reporting Standard (CRS), with effect from 1 January 2017.<br>The CRS is an internationally agreed standard for automatic exchange of<br>information AEOI, endorsed by the OECD and the Global Forum for Transparency<br>and Exchange of Information for Tax Purposes. The CRS sets out the financial<br>account informationv to be exchanged, the financial institutions required to report, the<br>different types of accounts and taxpayers covered, as well as the customer due<br>diligence procedures to be followed by the financial institutions. More than 100<br>jurisdictions, including major financial centers such as Singapore, Luxembourg<br>and Switzerland, have endorsed the CRS and will commence AEOI in either 2017 or<br>2018. Hong Kong will do so in 2018.</div><div> </div><div> </div><div> </div><div> </div><div> </div><div> </div><div> </div></span>