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Hong Kong: New CRS webpage resource, updated FAQs

Hong Kong: New webpage resource; updated FAQs

The Inland Revenue Department issued guidance concerning the common reporting standard (CRS) regime.

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  • One announcement concerns the launch of a new webpage for mandatory provident fund schemes and occupational retirement schemes. The new webpage includes information regarding the removal of mandatory provident schemes, occupational retirement schemes and certain pooling agreements, and approved pooled investment funds (APIFs) from the list of non-reporting financial institutions. Read an April 2019 report [PDF 61 KB] prepared by the KPMG member firm in Hong Kong

  • Another item concerns an updated list of “frequently asked questions” (FAQs) concerning the automatic exchange of financial account information by adding a new FAQ that is related to due diligence procedures to be carried out by a financial institution in verifying the authenticity of any private investment company declaring itself a “passive non-financial entity (NFE)” in the self-certification. Read an April 2019 report [PDF 62 KB] prepared by the KPMG member firm in Hong Kong

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