Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 to be gazetted
The Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026, which aims to implement the Crypto-Asset Reporting Framework (CARF) and the latest amendments to the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development (OECD) in Hong Kong, will be gazetted on May 22 and introduced into the Legislative Council for first reading on June 3.
In light of the rapid development of digital asset markets in recent years, the OECD published CARF in 2023 to provide for the automatic exchange of tax information on crypto-asset transactions with relevant jurisdictions on an annual basis, and incorporated into the CRS new digital financial products and enhanced requirements regarding reporting and due diligence.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "Hong Kong has been supporting international efforts in enhancing tax transparency and combating cross-border tax evasion. To fulfil our international obligations and support international efforts in combating cross-border tax evasion, we propose amending the Inland Revenue Ordinance (Cap. 112) for implementing CARF and the amended CRS. This is of paramount importance in maintaining Hong Kong's reputation as an international financial and commercial centre.
"CARF will be implemented next year. Crypto-asset service providers with reporting nexus with Hong Kong will be required to register with the Inland Revenue Department (IRD), and fulfil requirements including due diligence, return filing and record keeping. Subject to the implementation progress of the relevant jurisdictions, we plan to commence the automatic exchange of tax information on crypto-asset transactions with them starting from 2028, and implement the amended CRS in the same year. Hong Kong will implement the automatic exchange of tax information with suitable partners on the premise of data confidentiality and security and on a reciprocal basis."
The Government conducted a public consultation between December last year and February this year. Stakeholders, including professional bodies and the financial and crypto-asset sectors, generally support the above legislative proposals. The Government has duly taken into account their views on the implementation details when drafting the Bill.
To assist the industry in adapting to the new requirements, the IRD will issue relevant guidance in due course and provide technical support to the industry and address their enquiries.
Since 2018, Hong Kong has been conducting automatic exchange of financial account information with partner jurisdictions on an annual basis, in accordance with the CRS developed by the OECD. This enables the relevant tax authorities to conduct assessment on their tax residents, in order to detect and combat tax evasion.
Source: AI-found images
TD urges public and visitors to plan cross-boundary trips early before and after Birthday of Buddha holiday
A spokesman for the Transport Department (TD) announced today (May 21) that, in anticipation of a large number of members of the public, visitors and cross-boundary vehicles visiting land-based boundary control points (BCPs) before and after the Birthday of the Buddha holiday, cross-boundary travellers are urged to use public transport services between Hong Kong and the Mainland or Macao, plan their trips early and allow sufficient travelling time.
Enhancing services for travel convenience
The TD has been steering local and cross-boundary public transport operators (PTOs) to strengthen their services before and after the Birthday of the Buddha for the convenience of residents and visitors, including:
The MTR Corporation Limited will enhance the train services of the East Rail Linebetween Admiralty and Lo Wu/Lok Ma Chau Stations at different times based on passenger demand;
The train service of the Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link between Hong Kong West Kowloon and designated Mainland Stations will operate additional temporary train trips daily from May 22 to 25 (see details at the12306.cn website);
Increasing the frequencies of the Hong Kong-Zhuhai-Macao Bridge (HZMB) shuttle bus (Gold Bus) and the Lok Ma Chau-Huanggang cross-boundary shuttle bus (Yellow Bus) to an average of about one minute and two minutes respectively during peak hours;
Increasing the quota of cross-boundary coaches to strengthen services; and
The frequency of local franchised bus Broutes connecting various land-based BCPs will also be increased to a level higher than that of normal weekends, and the operators concerned will reserve sufficient vehicles and manpower to meet passenger demand.
Travel during non-peak hours
It is anticipated that the waiting time for public transport services, including the Gold Bus and the franchised bus B routes, may be longer. Passengers are advised to travel during non-peak hours, maintain order while queuing and heed advice from on-site Police and staff of PTOs concerned. Passengers planning to take cross-boundary coaches are also advised to reserve their coach tickets in advance.
The spokesman reminded HZMB users travelling to Zhuhai, "The temporary link bridge connecting HZMB Zhuhai Port and Qinglu South Road has been closed to all traffic, and the traffic of the Zhuhai Port and neighbouring roads has become very busy during peak periods of holidays. Travellers should use public transport services as far as possible, plan their trips early, allow sufficient travelling time and remain patient while waiting."
As for motorists of cross-boundary private cars, they are advised that special traffic arrangements may be implemented at the Lok Ma Chau Control Point and the Shenzhen Bay Port, subject to actual traffic conditions, before and after the Birthday of the Buddha to secure smooth access for public transport vehicles to the above BCPs. Cross-boundary private cars may experience longer waiting times for crossing the BCPs during peak periods. Motorists should pay extra attention to variable message signs and traffic signs along the roads. In case of traffic congestion, they should remain patient and follow the instructions of on-site Police.
Information dissemination
To plan their journeys ahead, members of the public can make use of the TD's HKeMobility mobile app or website (hkemobility.gov.hk/en/traffic-information/live/cctv) to access snapshots of traffic conditions at inbound and outbound vehicle plazas of the HZMB Hong Kong Port. They can also check real-time situations of the vehicle clearance plaza of the Zhuhai Port through the WeChat official accounts "hzmbzhport" or "zhuhaifabu" (traffic-info.gzazhka.com:5015/#/) (Chinese only). Moreover, motorists are reminded to always comply with the traffic control measures implemented by the Zhuhai authority when driving on the HZMB Main Bridge. Vehicles must not occupy the emergency lane unless instructed by the Zhuhai authority.
The public and visitors may visit the one-stop information platform on immigration clearance "Easy Boundary" (www.sb.gov.hk/eng/bwt/status.html?type=outbound) of the Security Bureau or the HKeMobility for the latest information on various land-based BCPs more conveniently. The TD will provide information on the services and waiting times of the Gold Bus, the Yellow Bus and the MTR. Members of the public are advised to check the latest traffic news through radio and television broadcasts, the TD's website (www.td.gov.hk) and the HKeMobility.
The TD's Emergency Transport Co-ordination Centre operates round the clock to closely monitor the traffic conditions and public transport services of various districts, the BCPs and major stations, and to implement contingency measures when necessary to meet service demands.
Source: AI-found images
