Hong Kong: List of common errors in AEOI reporting published
List of common errors made by financial institutions in their reporting on AEOI portal for FATCA and CRS reporting
List of common errors in AEOI reporting published
The Inland Revenue Department (IRD) on May 20, 2024, published a list of common errors made by financial institutions in their reporting on the automatic exchange of information (AEOI) portal for FATCA and common reporting standard (CRS) reporting, including:
- Non-reporting of taxpayer identification number (TIN) and date of birth
- Incorrect TIN
- Misinterpretation of undocumented accounts
- Misinterpretation of the change-in-circumstances and the follow-up procedures
- Incorrect classification of entity holder type
- Misreporting due to human and system errors
Read a May 2024 report prepared by the KPMG member firm in Hong Kong
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