Hong Kong: Amendments to CRS provisions

Hong Kong: Amendments to CRS provisions

The Inland Revenue Department announced changes to provisions of the Inland Revenue Ordinance concerning the common reporting standard (CRS) regime.


The amendments (effective 1 January 2021) are applicable to reporting financial institution reports due in 2022 (that is, for 2021 calendar year information) and later.

The amendments address:

  • The definition of “controlling person” by removing the 25% threshold (previously applicable to partnerships and trusts)
  • The due diligence requirements to specify that in determining “controlling persons” of an account holder of a new entity account, a reporting financial institution may rely on information collected that is pursuant to the anti-money laundering or “know your customer” procedures

Read a January 2021 report [PDF 81 KB] prepared by the KPMG member firm in Hong Kong

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