Hong Kong confirms tax agreements are in place with the UK & Japan

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Hong Kong has confirmed the signing of agreements with the UK and Japan in order to start automatic exchange of financial information for all tax matters coming into effect by 2018.
The Hong Kong Government wishes to show support for all global efforts to enhance international tax transparency and deal with all cross-border tax evasion.

The agreements with the UK & Japan will allow for Hong Kong’s implementation of the automatic exchange in a timely manner, which is vital to preserve the jurisdictions reputation as a white listed international financial centre and a supporter of the global community.

Going forward, the department will exchange the all financial information with the tax authorities of automatic exchange partner countries yearly, which is a great step forward for combatting the current tax disparities still occurring in certain countries.