The Hong Kong government gazetted the Inland Revenue (Amendment) Bill 2016, which seeks to provide the legal framework for Hong Kong to implement the OECD’s standard for automatic exchange of financial account information (AEOI). In particular, the Bill provides for the wider approach to be adopted by FIs in Hong Kong in carrying out due diligence procedures in relation to financial accounts even if the account holder is not a tax resident of a reportable jurisdiction.

It is expected that the Inland Revenue (Amendment) Bill 2016 will be introduced into the Legislative Council for first reading on 20 January 2016.