The Organisation for Economic Co-operation and Development (OECD) has adopted the Standard for Automatic Exchange of Financial Account Information (AEOI) in tax matters, also referred to as the Common Reporting Standard (CRS).

The Standard is designed to combat cross-border tax evasion and enhance tax compliance. It calls on governments of all jurisdictions to obtain relevant financial account information from their financial institutions (FIs) and exchange that information automatically and annually with jurisdictions who have agreed to adopt the Standard.

Hong Kong (HK) is a participant in the CRS/AEOI and has started the first information exchanges since 2018.

All financial institutions (except those exempted) in Hong Kong are required by law to implement the CRS/AEOI framework. As a result, our company is required to identify tax residents of any reportable jurisdiction. We will collect certain account information from them and report the information annually to the Hong Kong Inland Revenue Department (HKIRD), who will then exchange the information with the tax authorities of relevant jurisdictions.

For details of reportable jurisdiction, you can refer to information from the OECD:
https://www.oecd.org/en/networks/global-forum-tax-transparency/resources/aeoi-implementation-portal/tax-residency.html

You may be required to complete and submit a Self-Certification Form to us.The information that we need from you under the CRS requirements includes but not limited to:

• Full Name
• Identification Card or Passport Number (for individuals)
   /Hong Kong Business Registration Number (for entities)
• Current Address
• Place of Birth (for individuals)
   /Country of Incorporation (for entities)
• Date of Birth
• CRS entity type (for entities)
• Information on the controlling persons (if applicable for entities)
• Jurisdiction of tax residence
• Taxpayer Identification Number (TIN) or equivalent identification number
• Reason for the absence of a TIN (if applicable)

If your circumstances change and any of the information provided in this form becomes incorrect or outdated, you should notify us immediately and provide an updated Self-Certification Form within 30 days of such change.

Your year-end account balance or asset value, amounts paid to your account during the year including dividends and interests,and sales proceeds of financial assets as appropriate for the year are also reportable.

It depends on where you live and your circumstances e.g. whether you have stayed over 183 days in the same place within a tax year. For assistance in determining your jurisdiction(s) of tax residence, please seek professional tax or legal advice. Neither our company nor any of our staff are able to assist in this matter.

For more details regarding the tax residency rules applicable to different jurisdictions, you can refer to information from the OECD:
https://web-archive.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/index.htm

If you are a Hong Kong taxpayer who are not tax residents of any territory outside Hong Kong, your information will not be reported.

Your information is reported according to the guidelines of the HKIRD, and is typically reported on an annual basis.

For more information about the CRS, you can visit

• OECD AEOI portal
• IRD AEOI portal