Friday, 28 March 2014

Hong Kong Updates- Tax Information Exchange Agreement (TIEA)

On 25th March, the Hong Kong Special Administrative Region Government signed an agreement with the USA for exchange of information relating to taxes.

This is Hong Kong's first TIEA, after the legal framework for entering into TIEAs with other jurisdictions was put in place in July 2013. The TIEA provides for information to be provided by the Inland Revenue Department upon request by the IRS (and vice versa). Such exchange of information would usually be provided for under a double tax agreement, but Hong Kong does not have such an agreement with the USA.

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