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Q:
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What is AEOI?
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A:
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AEOI involves the transmission of financial account information to an overseas tax jurisdiction with which Hong Kong has entered an AEOI agreement (or known as an “AEOI partner”). The information relates only to the tax residents of the jurisdiction of the AEOI partner of Hong Kong.
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Q:
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What information is being shared?
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A:
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The information of relevant tax residents that will be exchanged includes:
Name, address and other identifying information of the person concerned;
A reference for the financial account;
Details about the financial institution;
The balance or value of the financial account;
Interest, dividends, income from certain insurance products;
Sales proceeds from financial assets.
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Q:
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Who will be the reportable persons for AEOI?
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A:
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The reportable persons will be those individuals or entities liable to tax by reason of residence in the AEOI partner jurisdiction, which will be identified through their financial accounts with the financial institutions resident or known as located in Hong Kong. The financial institution will collect and report to Hong Kong Inland Revenue Department (“IRD”) information of identified account holders and the financial account information annually. IRD will then transmit the information to the tax authority of the relevant AEOI partner jurisdiction of which the account holder is tax resident.
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Q:
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What types of financial institutions are covered by AEOI?
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A:
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Financial institutions covered include:
Custodial institutions;
Depository institutions;
Investment entities; and
Specified insurance companies.
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Q:
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Can I opt out of my information being reported?
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A:
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In case you refuse to allow financial institution to release your personal data for AEOI purpose, the financial institution may have to consider whether your account should be maintained.
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FAQ
