Hong Kong implements OECD agreements in its legislation

On February 02^nd, 2018, the Hong Kong Tax authority published a Decree, according to which amendments to the automatic exchange of information on financial accounts for tax purposes will come into force on January 01^st, 2019.

This Decree provides the legal basis for the implementation of multilateral tax agreements relating not only to the exchange of information, but also to country-by-country reporting, in which each international company provides information on the amount of income, profits and taxes paid for each transaction in all jurisdictions.

The purpose of the Decree is to combat the erosion of the tax base and the removal of profits from taxation, carried out on the basis of multilateral OECD conventions instead of bilateral agreements, as it was before.

On materials of the following website: https://www.ird.gov.hk/eng/ppr/archives/18020201.htm