Common Reporting Standard: Are you compliant?
Common Reporting Standard: Are you compliant?
A short recap on the Common Reporting Standard (CRS), and how FIs can ensure their compliance with CRS and prepare for compliance status audit
The Inland Revenue (Amendment) (No. 3) Ordinance 2016, which came into effect on 30 June 2016, requires FIs to identify the tax residencies of their customers, maintain personal and financial account information and report the information of those with foreign tax residencies to the Hong Kong Inland Revenue Department (HKIRD) on an annual basis.
CRS is important to the status of Hong Kong as an international finance center, as non-compliance may place Hong Kong on the EU and OECD's lists of non-cooperative jurisdictions. It is therefore in the interests of authorities, particularly the HKIRD, to ensure FIs abide by the rules.
This flyer provides a recap on CRS and how FIs can ensure their compliance with CRS requirements and obligations and prepare for CRS compliance status audits.
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