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 –
- 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 Hong Kong; and
- 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.