Hong Kong agrees to automatic exchange of tax information with South Africa and Portugal

Hong Kong has agreed to automatic exchange of financial account information in tax matters with the governments of South Africa and Portugal, a Hong Kong government spokesperson said April 3, 2017.

“We have been seeking to expand Hong Kong’s AEOI network with our tax treaty partners. The signing of agreements with Portugal and South Africa, bringing up the number of Hong Kong’s AEOI partners to a total of 11 — including Belgium, Canada, Guernsey, Italy, Japan, Korea, Mexico, the Netherlands and the United Kingdom — signifies the government’s efforts in this drive,” the spokesperson said.

The Hong Kong government introduced the Inland Revenue (Amendment) (No. 3) Bill 2017 into the Legislative Council on March 29 which would add Hong Kong’s new AEOI partners and future ones in the list of “reportable jurisdictions” under the Inland Revenue Ordinance, a Hong Kong release said.