Media365
The government has invited members of the public to share views about the implementation of the Crypto-Asset Reporting Framework (CARF) and amendments in relation to the Common Reporting Standard (CRS) put forward by the Organisation for Economic Co-operation and Development (OECD), according to a statement.
“To demonstrate our commitment to promoting international tax cooperation and combating cross-border tax evasion, as well as to fulfil our international obligations, Hong Kong will make amendments to the Inland Revenue Ordinance,” said Christopher Hui, secretary for Financial Services and the Treasury, in the statement.
The process was of “paramount importance” to maintain Hong Kong’s reputation as an international financial and commercial centre, he added.
“The government plans to complete the necessary local legislative amendments in the coming year, with a view to commencing the automatic exchange of tax information on cryptoasset transactions with relevant partner jurisdictions starting from 2028, and implementing the newly amended CRS starting from 2029,” Hui said.
“Hong Kong will implement the automatic exchange of tax information with suitable partners, which are required to meet the standards relating to the protection of data confidentiality and security, on a reciprocal basis.”
