Hong Kong deserts bilateral approach to automatic tax exchange

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The Hong Kong government has decided to desert its bilateral approach to the automatic exchange of tax information (AEOI) discussions, and agreed to join the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The government will announce an amended bill into the Legislative Council later in the year, looking likely to be October 2017. In the interim, the Hong Kong Legislative Council has agreed to expand the list of Hong Kong’s reportable jurisdictions for information exchange purposes from 2 to 75 by July 1st this year.