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CRS is promulgated by the Organization for Economic Co-operation and Development ("OECD") to facilitate exchange of financial account information between relevant jurisdictions around the globe in an international and standardized manner. As part of Hong Kong's commitment in the global AEOI efforts to enhance tax transparency and combat cross-border tax evasion, the Government of Hong Kong Special Administrative Region has enacted local legislations to implement CRS through Inland Revenue (Amendment) (No. 3) Ordinance 2016 (the CRS Ordinance) and the effective date of CRS in Hong Kong will be 1 January 2017. Starting from 2018, automatic exchange of information will take effect.
CRS Ordinance requires financial institutions in Hong Kong to perform due diligence on the account holders, IRD will then exchange the information collected with jurisdictions that have a Competent Authority Agreement ("CAA") with Hong Kong on an annual basis, to support tax compliance of partner jurisdictions and assist tax authorities of partner jurisdictions in identifying and taking follow-up actions against taxpayers who have not properly disclosed their offshore financial assets / income in their local jurisdictions. In parallel, IRD will also receive financial account information on Hong Kong tax residents from foreign tax authorities.
Under CRS Ordinance, all financial institutions (except those exempted) in Hong Kong are required by law to perform due diligence on account holders from whom Self Certification Forms and/or further information (if necessary) are collected to keep informed of the tax status of the account holders,
For a list of countries participating in the CRS, alongside the dates that they will start exchanging information, please refer to OECD website http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/crs-by-jurisdiction/
We have to obtain certain information from the account holders (including, but not limited to, tax residency and tax identification number etc.) and report information (including account number, closing balance or value of account and the aggregate amount of interests, dividends and gross sale proceeds of financial assets (as the case may be) for relevant year) on any reportable accounts to the Hong Kong Inland Revenue Department ("IRD").
Under the CRS, we are required to identify the tax residence (the person(s) of which is/are usually subject to salary tax or profit tax) of individual and corporate clients. We will exercise due judgment over the available information or additional information provided by you including the Self-Certification Form. You can download the Policies of HTISG regarding FATCA and CRS and Self-Certification Form in the following website.
Policies of HTISG regarding FATCA and CRS | http://v211.cn/sites/default/files/FATCAandCRSPolicyofHTISGLeaflet.pdf |
Individual Account and/ or Joint Account | |
Self-Certification Form – Individual/ Joint Account | http://v211.cn/sites/default/files/SelfCertificationFormIndividualJointAccountENG.pdf |
Company Account/partnership Account | |
Self-Certification Form – Entity | http://v211.cn/sites/default/files/SelfCertificationFormEntityENG.pdf |
Self-Certification Form – Controlling Person | http://v211.cn/sites/default/files/SelfCertificationFormControllingPersonENG.pdf |
If you have question on tax residency, please refer to the rules governing tax residence that have been published by each national tax authority (http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/), or contact your tax advisor as Haitong International cannot give tax advice.
Any non-compliance of CRS Ordinance will be considered in violation of laws of Hong Kong, and if so, any director, manager, secretary or any other person who is/was acting in such capacity may be penalized or imprisoned. Particularly, it is an offence under section 80(2E) of the Inland Revenue Ordinance if any person, in making a Self Certification, makes a statement that is misleading, false or incorrect in a material particular and knows, or is reckless as to whether, the statement is misleading, false or incorrect in a material particular. A person who commits the offence is liable on conviction to a fine at level 3 (i.e. HK$10,000).
Please refer to the following website for more information of CRS and Automatic Exchange of Financial Account Information.
Hong Kong Inland Revenue Department: http://www.ird.gov.hk/eng/tax/dta_aeoi.htm
OECD website: http://www.oecd.org/tax/automatic-exchange/
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