Tag Archives: China

     Two amendment notices made under the Inland Revenue Ordinance (Cap. 112) (IRO) will be gazetted on April 17 and tabled at the Legislative Council for negative vetting on April 22.
 
     “Hong Kong has to amend the implementation arrangements for automatic exchange of financial account information in tax matters (AEOI) under the IRO to give effect to the recommendations made by the Organisation for Economic Co-operation and Development (OECD). This is crucial for preserving Hong Kong’s competitiveness and reputation as an international financial and business centre,” a Government spokesman said.
 
     The Inland Revenue Ordinance (Amendment of Section 50A) Notice 2020 seeks to expand the definition of controlling persons of partnerships, whereas the Inland Revenue Ordinance (Amendment of Schedule 17D) Notice 2020 concerns a specific requirement in relation to the determination of controlling persons by financial institutions. These amendments will bring Hong Kong’s AEOI legislative framework into line with the prevailing international standard.
 
     Hong Kong has implemented the OECD’s requirement and conducted AEOI since September 2018 with a view to strengthening international tax co-operation. Reporting financial institutions are required to comply with the relevant requirements under the IRO by reporting financial account information to the Inland Revenue Department for exchange with other jurisdictions. read more

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) released today (April 15) the key analytical accounts of the Exchange Fund at the end of March 2020.
 
     Foreign assets, representing the external assets of the Exchange Fund, decreased during the month by HK$78.7 billion to HK$3,574.0 billion.
 
     The Monetary Base, comprising Certificates of Indebtedness, Government‑issued currency notes and coins in circulation, the balance of the banking system and Exchange Fund Bills and Notes issued, amounted to HK$1,679.9 billion.
 
     Claims on the private sector in Hong Kong amounted to HK$231.7 billion.
 
     The analytical accounts of the Exchange Fund are released in accordance with the International Monetary Fund’s Special Data Dissemination Standard (SDDS) and are referred to as the Analytical Accounts of the Central Bank under SDDS (Annex).

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     At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund’s Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency. For the month of April 2020, the scheduled dates for issuing the press releases are as follows:
 

     The effective exchange rate index for the Hong Kong dollar on Wednesday, April 15, 2020 is 108.3 (up 0.1 against yesterday’s index). read more

     The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (April 15) that in view of a notification from the World Organisation for Animal Health (OIE) about outbreaks of highly pathogenic H5N… read more

     Police today (April 15) appealed to the public for information on a man who went missing in Tuen Mun.      Lau Nap-chun, aged 28, went missing after he was last seen at his residence in Tin King… read more