Updated EU tax watch list welcomed

October 5, 2018

The Hong Kong Special Administrative Region Government today welcomed an amendment made by the European Union to its watch list on tax co-operation.

The amendment, made on October 2, recognises Hong Kong’s efforts in participating in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

Hong Kong made commitments to the EU in 2017 on participation in the convention and implementation of the automatic exchange of financial account information in tax matters (AEOI).

In December of that year, the EU put about 40 tax jurisdictions, including Hong Kong, on the watch list on the consideration these jurisdictions had demonstrated commitment to international tax co-operation.

 The convention came into force in Hong Kong on September 1, allowing the city to effectively implement the AEOI and the Base Erosion & Profit Shifting package promulgated by the Organisation for Economic Co-operation & Development.

 The EU has updated its watch list in view of such developments, the Government said.

Meanwhile, Hong Kong has smoothly conducted the first exchanges with relevant jurisdictions under the AEOI, it added.

Hong Kong is confident in meeting the prevailing standards on international tax co-operation and will continue to closely liaise with the EU.

Source: news.gov.hk

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