OECD: CRS disclosure facility; retirement schemes - KPMG Global
Share with your friends

OECD: CRS disclosure facility identifies retirement schemes in Hong Kong

OECD: CRS disclosure facility, retirement schemes

The Organisation for Economic Cooperation and Development (OECD) today announced initial results of a disclosure facility for information on schemes designed to circumvent the application of the common reporting standard (CRS).


Related content

As explained in today's release, the OECD in May 2017 launched the disclosure facility for information on schemes designed to circumvent the application of the CRS. Several ‎submissions highlighted the use of “occupational retirement schemes” (ORS) in Hong Kong—schemes allegedly intended to avoid reporting under the CRS. 

The OECD today reported that Hong Kong tax authorities took action, issued relevant guidance to clarify that only certain registered ORSs are “out of scope” of CRS reporting, and were assessing whether further action was needed. 

Today's release also states that the OECD is “in close contact with a number of jurisdictions” for purposes of determining whether other schemes that have been disclosed through the facility (including a number of residence by investment programs) may pose an actual risk for avoiding CRS reporting and therefore need to be addressed.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


Request for proposal