On the website of the Inland Revenue Department of the Government of the Hong Kong Special Administrative Region a guidance for Financial Institutions is available. According to the Hong Kong Inland Revenue Department the guidance is intended to aid financial institutions in complying with their obligations under Part 8A of the Inland Revenue Ordinance (Cap. 112). The guidance contains the Department’s views on the due diligence procedures required by the Common Reporting Standard of the Organisation for Economic Co-operation and Development (OECD).

On April 10, 2017 the Hong Kong Inland Revenue Department updated the following 2 chapters of the guidance:

·   Chapter 11 - Due Diligence: Pre-existing Entity Accounts; and

·   Chapter 12 - Due Diligence: New Entity Accounts.

Click here to be forwarded to the website of the Hong Kong Inland Revenue Department where the (updated) Guidance for Financial Institutions is available.

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