Inland Revenue (Amendment) (No. 3) Ordinance 2016

The Inland Revenue (Amendment) (No. 3) Ordinance 2016 (the "Amendment Ordinance") came into effect on 30 June 2016.

The Amendment Ordinance is mainly to –

1. impose obligations on a reporting financial institution to establish, maintain and apply procedures for, among other things, identifying reportable accounts maintained by the institution;
2. impose obligations on a reporting financial institution to furnish a return reporting the required information in relation to reportable accounts; and
3. 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.

Click here to view the Gazette Notice under Section 50I(2) of the Inland Revenue Ordinance (Cap. 112).