Hong Kong, Korea sign tax agreement for automatic exchange of financial account information

Hong Kong and Korea have signed an agreement for the automatic exchange of financial account information in tax matters, the Hong Kong government announced today.

Exchanges under the agreement would commence in 2019.

“Since the signing of the first two agreements for AEOI with Japan and the United Kingdom in late 2016, we have been seeking to expand Hong Kong’s AEOI network with other tax treaty partners. The signing of the agreement with Korea signifies the government’s efforts in this respect,” a Hong Kong spokesman said.

The Hong Kong government said it will later amend the list of “reportable jurisdictions” under the Inland Revenue Ordinance to include Korea on the list.