The Inland Revenue (Amendment) (No. 3) Ordinance 2016 (the "Amendment Ordinance") came into effect on 30 June 2016.
The Amendment Ordinance is mainly to –
- impose obligations on a reporting financial institution to establish, maintain and apply procedures for, among other things, identifying reportable accounts maintained by the institution;
- impose obligations on a reporting financial institution to furnish a return reporting the required information in relation to reportable accounts; and
- impose penalty on a reporting financial institution for failing to comply with the obligations mentioned in items (a) and (b) above.
Click here to view full content of the Amendment Ordinance.