The Amendment Ordinance is mainly to –
- amend the definition of reportable jurisdiction so that reportable jurisdictions could include territories outside Hong Kong irrespective of whether they are parties to the arrangements having effect under section 49(1A) of the Inland Revenue Ordinance and requiring disclosure of information concerning tax of the territories.
- add 73 jurisdictions to the list of reportable jurisdictions (in addition to the 2 jurisdictions already included in the list).
Inland Revenue Amendment (No. 3) Ordinance 2016 [Read]
- The 2016 amendment to the IRO was aimed to translate the OECD/G20 CRS requirements into domestic regulations, in order to put in place a legal framework for the exchange of tax information that is in line with the OECD CRS rules. [read]