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OECD is closing CRS loopholes

HK retirement schemes under ORSO and citizenship-by-investment targeted by OECD

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Celebrate Hong Kong National Day with Our Special Promotion!

 
Celebrating the 20th anniversary of the establishment of the Hong Kong Special Administrative Region (SAR) Encore Professional Services Limited is assisting global businesses with the incorporation of Hong Kong companies for HKD $2,000* during a promotional period from 20th June to 20th July 2017.
 
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Beneficial Ownership Register to be introduced for Hong Kong companies

As a member country of the Financial Action Task Force (FATF), the international standard setter on anti-money laundering and counter-terrorist financing, Hong Kong is planning to implement a statutory requirement for companies to maintain up-to-date beneficial owner, or in regulatory terms ‘People with Significant Control’, information in accordance with FATF recommendations.

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CRS – Automatic Exchange of Financial Account Holder Information

Under increasing OECD and EU pressure of being labelled as a non-compliant jurisdiction, Hong Kong is considering expediting and expanding its Automatic Exchange of Information (AEOI) implementation.

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China takes hard line on taxing foreigners on share gains: sources

China's tax authorities have alarmed foreign investors with a proposed capital-gains tax which would take 10 percent of their share trading profits without taking into account any of their trading losses, according to sources briefed by tax officials.

The plan would apply to investors who have traded stocks and other equity-based instruments through China's two largest portfolio investment schemes for foreigners, and would be levied retrospectively on profits made over the past five years, the sources said.

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Shenzhen-HK scheme about ready for launch

The details of the stock scheme connecting the Shenzhen and Hong Kong bourses are now ready and the launch is pending approval by regulators of the two markets, Song Liping, general manager of the Shenzhen Stock Exchange, said on Sunday.

"The development of the stock connect's technical system has been kicked off as well," Song, also a deputy to the National People's Congress (NPC), told reporters in Beijing during the ongoing two sessions.

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Hong Kong to Cut Taxes, Boost Welfare After Growth Slows

Hong Kong’s government plans to reduce taxes, increase welfare spending and support tourism-related businesses after economic growth slowed last year.

Measures announced in its budget include reducing personal tax by as much as HK$20,000 ($2,580) this financial year, providing extra allowances for the poor and elderly, and waiving some fees for the tourism industry, the government said.

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Hong Kong signs tax information exchange agreement with Nordic nations

Hong Kong’s government has signed a tax information exchange agreement with several Nordic nations aimed at promoting transparency and avoiding double taxation. 

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HK and South Korea sign DTA

On July 8, Hong Kong’s Secretary for Financial Services and the Treasury, Professor K C Chan, and the South Korean Consul-General in Hong Kong, Cho Yong-chun, signed a comprehensive double taxation agreement between Hong Kong and South Korea (DTA) on behalf of the two jurisdictions. 

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