OECD announces further developments in international tax co-operation

In September 2014, Hong Kong indicated its support for implementing automatic exchange of financial account information (AEOI) on a reciprocal basis with appropriate partners with a view to commencing the first exchanges by the end of 2018. In order to exchange financial account information with a jurisdiction, Hong Kong (China) needs to have or enter into a double tax convention or tax information exchange agreement that allows for AEOI and to sign a competent authority agreement (CAA) with that jurisdiction.