The OECD Common Reporting Standard (CRS) represents a globally coordinated approach to the disclosure of financial information of individuals and organisations outside their country of tax residence. After the passage of the Inland Revenue (Amendment) Bill 2016 in the Legislative Council on 22 June 2016, CRS will be effective in Hong Kong beginning 1 January 2017. Over 100 jurisdictions have committed to CRS to-date. Reporting financial institutions which are headquartered or have operations in these jurisdictions will need to have processes and procedures in place to meet their CRS obligations.
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