To enhance tax transparency and combat cross-border tax evasion in Hong Kong, the Organisation for Economic Co-operation and Development (OECD2014years7Monthly automatic exchange of financial account information for tax purposes (Automatic data exchange)Arrange the publication of new international standards.

Hong Kong in2014years9Supported the implementation of the policy on exchange of information on Hong Kong Inland Revenue Department accounts with appropriate partners on a reciprocal basis in January2018 The first data exchange was conducted in 2005. So far, more than100Tax jurisdictions are committed to implementing this international standard. Hong Kong 2016 The legal framework for the implementation of the Hong Kong Inland Revenue Department account information exchange policy was developed in 2000. In addition, the Department has developed an automatic Exchange of Information website to enable reporting financial institutions to submit financial account information statements and fulfil their other responsibilities in relation to automatic exchange of information.

in 2020-21 During the year, four reporting financial institutions were fined in lieu of prosecution for failing to submit financial account information statements on time. Automatic exchange of information will only be conducted with tax reporting jurisdictions with which Hong Kong has already made arrangements as a basis for the exchange of information. Hong Kong initially adopted a bilateral model to implement the automatic exchange of information, but with the adoption of the Convention in 2018 years 9 month 1 The day came into effect in Hong Kong, allowing Hong Kong to adopt a multilateral approach As a result, Hong Kong's tax information exchange network has been expanded. Up to 2020 In 2005, Hong Kong successfully conducted three rounds of the account information exchange policy with other tax jurisdictions through the OECD Shared Tax Information Transfer System

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