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Common Reporting System (“CRS”)

What is Common Reporting System (“CRS”)?

The CRS was developed by Organization of Economic Cooperation and Development (“OECD”), where financial institutions in participating jurisdictions are required to review and collect information that will enable them to identify tax residency of financial account holders and to provide relevant information to the local tax administration authorities on an annual basis. The Hong Kong government gazetted the Inland Revenue (Amendment) (No. 3) Ordinance 2016 on 30 June 2016 and CRS will be effective on 1 January 2017 in Hong Kong.

For more information, please refer to the below link which contained pamphlets issued by the Inland Revenue Department of Hong Kong.

http://www.ird.gov.hk/eng/tax/aeoi/pam.htm

Last Update: 2016-12-15

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