Archive 24 March 2017

CRS Hong Kong: Everything You Need To Know 

CRS (common reporting standards) was adopted in 2014 by OECD members at the Convention on Mutual Administrative Assistance in Tax Matters. The prior system information Upon Request proved highly ineffective in deterring tax evasion. In particular, CRS provides a framework for exchanging information on tax matters based on the provided schedule. Read More

Holding Formation Hong Kong: Why You Should Consider Using an Agency 

To expand your operations into Asia and grow rapidly, one of the best methods is using a holding company. Because it is a separate entity from the mother company, it acts as a shield in case of risks such as bankruptcy. Once you have decided to use a holding company to expand operations offshore, it is prudent to select the right country or region.

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A Comprehensive Guidance for CRS Implementation 

When Hong Kong committed to implementing CRS by 2018, it indicated that a legal framework would be required to guide the entire process of sharing account information for foreigners. In June 2016, this law was put in place, and it outlines the guidance for CRS implementation in Hong Kong. The guidance provided by the IRD under the new law provides a clear outline on how to identify the reportable accounts, information to gather, and how to report it.   Read More

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