| 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.
Today, six treaty partners of Hong Kong (China) signed a competent authority
agreement with Hong Kong (China) bringing the total number of CAAs to nine.
Jurisdictions included Belgium, Canada, Guernsey, the Netherlands, Italy and
Mexico (joining Japan, Korea and the United Kingdom). More agreements are expected
in the coming months so that Hong Kong (China) will be able to exchange data
with all interested and appropriate partners.
The Global Forum on Transparency and Exchange of Information for Tax Purposes
is monitoring the implementation of tax transparency standards to ensure the
effective and timely delivery of the commitments made, the confidentiality
of information exchanged and to identify areas where support is needed. It
is also assisting its developing country members to ensure that they can also
receive the benefits of the ongoing global move to automatic exchange of financial
account information.
In addition, Panama
today deposited its instrument of ratification for the Convention on Mutual
Administrative Assistance in Tax Matters ("the Convention").
By doing so, Panama underlines its commitment to fighting tax evasion and avoidance
and has put in place an important pre-condition for delivering on its commitment
to start exchanging Common Reporting Standard information in 2018. The Convention
will enter into force for Panama on 1 July 2017.
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