Inland Revenue (Amendment) Ordinance 2018

The Inland Revenue (Amendment) Ordinance 2018 (the "Amendment Ordinance") was gazetted on 2 February 2018. The technical amendments on automatic exchange of financial account information in tax matters (i.e. clauses 5 to 11) under the Amendment Ordinance will come into operation on 1 January 2019, while other provisions take effect on the day of gazettal of the Amendment Ordinance.

The Amendment Ordinance is mainly to –

1. empower the Chief Executive in Council to give effect to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, and other tax agreements that apply to the Hong Kong Special Administrative Region; and
2. align the relevant provisions with the international standard for the automatic exchange of financial account information in tax matters.

Click here to view full content of the Amendment Ordinance.