Hong Kong Enhances Tax Information Exchange Framework with New Legislation

Government welcomes passage of Inland Revenue (Amendment) (Automatic Exchange of Information) Bill 2026

The Government welcomed the passage of the Inland Revenue (Amendment) (Automatic Exchange of Information) Bill 2026 by the Legislative Council today (June 17) to enhance the administrative framework for the automatic exchange of information in tax matters (AEOI) in Hong Kong.

Since 2018, Hong Kong has been conducting automatic exchange of financial account information in relation to tax matters with partner tax jurisdictions on an annual basis, in accordance with the Common Reporting Standard developed by the Organisation for Economic Co-operation and Development (OECD) and on the premise of data confidentiality and security. This enables the relevant tax authorities to conduct assessments on their tax residents for detecting and combatting cross-border tax evasion.

In light of the comments made by the OECD after conducting the peer review on Hong Kong's implementation of the AEOI regime earlier, the Government agrees that there is a need to enhance the relevant administrative framework. Starting from January 1 next year, new requirements will be implemented, including requiring reporting financial institutions to register with the Inland Revenue Department (IRD) for strengthening identification, enhancing the requirements on financial institutions for keeping due diligence records, and raising the penalties to increase deterrence.

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said,"Hong Kong has all along been supporting international efforts in enhancing tax transparency and combatting cross-border tax evasion. As an international financial centre, Hong Kong has an obligation to enhance the AEOI administrative framework to address the OECD's views. This will also help Hong Kong maintain a favourable rating in the peer review and boost the confidence of other tax jurisdictions in Hong Kong's tax system. This will be conducive to Hong Kong's expansion of the Comprehensive Avoidance of Double Taxation Agreement network, which will provide Hong Kong businesses with greater tax certainty and avoidance of double taxation when expanding their businesses overseas."

To assist the industry in adapting to the new requirements and enhance tax certainty, the IRD will issue relevant guidance and maintain communication with the industry to provide technical support and answer enquiries.

Source: AI-found images

Secretary for Health meets delegation of Shenzhen Municipal Committee of the CPPCC

The Secretary for Health, Professor Lo Chung-mau, met with Vice President of the Shenzhen Municipal Committee of the Chinese People's Political Consultative Conference (CPPCC) Mr Wang Daping today (June 17) to exchange views on healthcare co-operation between Shenzhen and Hong Kong and to explore further strengthening collaboration.

Professor Lo welcomed the delegation and expressed gratitude to the Shenzhen Municipal Committee of the CPPCC for its support in promoting exchange and co-operation between Shenzhen and Hong Kong. Professor Lo said, "Hong Kong and Shenzhen enjoy close geographical and cultural ties, maintaining close and regular exchanges in healthcare. This meeting provided a meaningful platform for both sides to further exchange views on future co-operation plans across areas such as healthcare services, health and medical innovation and talent development."

At the meeting, Professor Lo introduced the characteristics and strengths of Hong Kong's healthcare system, including healthcare standards that are on par with international practices, research and clinical trial capabilities, as well as various initiatives rolled out by the Hong Kong Special Administrative Region (HKSAR) Government to facilitate cross-boundary access to healthcare services for Hong Kong residents. The two sides also engaged in extensive exchanges on issues such as how to further leverage their complementary strengths and deepen healthcare co-operation to benefit residents in both places.

Professor Lo said, "The HKSAR Government will continue to strengthen healthcare exchange and co-operation with Shenzhen under the principles of complementarity and mutual benefit and on the premise of benefitting the healthcare development of the two places, with a view to enhancing the standards of healthcare services across the region through concerted efforts. We will fully leverage Hong Kong's distinctive advantages of enjoying strong support of the motherland and being closely connected to the world, and jointly contribute with Shenzhen to propelling the important national strategy of 'Healthy China' and building a 'Healthy Bay Area'."

Secretary for Health meets delegation of Shenzhen Municipal Committee of the CPPCC Source: HKSAR Government Press Releases

Secretary for Health meets delegation of Shenzhen Municipal Committee of the CPPCC Source: HKSAR Government Press Releases