Hong Kong
Hong Kong commits to implement crypto asset reporting framework
The Government today (December 13) told the Organization for Economic Co-operation and Development (OECD) Global Forum on Transparency and Effective Exchange of Information in Tax Matters (Global Forum) that Hong Kong is committed to implementing the Crypto-Asset Declaration Framework (Declaration Framework) to improve the International tax transparency and combating cross-border tax evasion.
In view of the rapid development of the crypto-asset market, the OECD announced a reporting framework in June 2023 to ensure that global tax transparency is maintained. As an extension of the existing Common Reporting Standard for the Automatic Exchange of Financial Account Information in Tax Matters, the reporting framework provides for a similar mechanism to automatically exchange crypto-asset accounts and transactions on an annual basis in tax jurisdictions where crypto-asset users or controllers are tax residents. Relevant tax information. To ensure a fair and effective global implementation of the reporting framework, the Global Forum has invited all tax jurisdictions (including Hong Kong) with relevant crypto-asset industries and identified as directly relevant to the reporting framework to implement the reporting framework.
Secretary for Financial Services and the Treasury, Mr Hui Ching-yu, said: "The Reporting Framework is the latest global standard for tax transparency. Implementing the Reporting Framework is vital to maintaining Hong Kong's reputation as an international financial and business center and reflects Hong Kong's reputation as a responsible tax jurisdiction. Hong Kong has been committed to promoting international tax cooperation efforts. "
Hong Kong is committed to implementing the reporting framework with suitable partners under the principle of reciprocity, and the relevant partners must meet the standards for protecting data confidentiality and security. Taking into account the latest timetable set by the Global Forum, the government initially plans to complete the necessary local legislative amendments on or before 2026 and start the first automatic exchange of information under the reporting framework with relevant tax jurisdictions from 2028. .
Hui Ching-yu added: "The government will listen to the views of relevant stakeholders and the public when preparing the necessary legislative amendments."
Hong Kong has always firmly supported international efforts to improve tax transparency and combat tax evasion. Since 2018, Hong Kong has automatically exchanged financial account information with partner tax jurisdictions every year. The relevant tax authorities may use the information for tax assessment purposes and to detect and combat tax evasion.
December 13, 2024 (Friday)
18:48 Hong Kong time
In view of the rapid development of the crypto-asset market, the OECD announced a reporting framework in June 2023 to ensure that global tax transparency is maintained. As an extension of the existing Common Reporting Standard for the Automatic Exchange of Financial Account Information in Tax Matters, the reporting framework provides for a similar mechanism to automatically exchange crypto-asset accounts and transactions on an annual basis in tax jurisdictions where crypto-asset users or controllers are tax residents. Relevant tax information. To ensure a fair and effective global implementation of the reporting framework, the Global Forum has invited all tax jurisdictions (including Hong Kong) with relevant crypto-asset industries and identified as directly relevant to the reporting framework to implement the reporting framework.
Secretary for Financial Services and the Treasury, Mr Hui Ching-yu, said: "The Reporting Framework is the latest global standard for tax transparency. Implementing the Reporting Framework is vital to maintaining Hong Kong's reputation as an international financial and business center and reflects Hong Kong's reputation as a responsible tax jurisdiction. Hong Kong has been committed to promoting international tax cooperation efforts. "
Hong Kong is committed to implementing the reporting framework with suitable partners under the principle of reciprocity, and the relevant partners must meet the standards for protecting data confidentiality and security. Taking into account the latest timetable set by the Global Forum, the government initially plans to complete the necessary local legislative amendments on or before 2026 and start the first automatic exchange of information under the reporting framework with relevant tax jurisdictions from 2028. .
Hui Ching-yu added: "The government will listen to the views of relevant stakeholders and the public when preparing the necessary legislative amendments."
Hong Kong has always firmly supported international efforts to improve tax transparency and combat tax evasion. Since 2018, Hong Kong has automatically exchanged financial account information with partner tax jurisdictions every year. The relevant tax authorities may use the information for tax assessment purposes and to detect and combat tax evasion.
December 13, 2024 (Friday)
18:48 Hong Kong time
