The Organisation for Economic Co-operation and Development (OECD) and G20 developed a global standard for participating jurisdictions to report financial account information. The OECD’s Standard for Automatic Exchange of Financial Account Information (AEOI) in Tax Matters has been created in order to reduce cross-border tax evasion and increase tax transparency.
AEOI defines the types of reporting “financial institutions” (such as custodial institutions, investment entities, etc), the financial account information that needs to be exchanged between Hong Kong and other relevant jurisdictions and that a “reporting financial institution” that is subject to AEOI as implemented by Hong Kong (Reporting Financial Institution) needs to submit the HK Inland Revenue Department (HK IRD), as well as the due diligence that a Reporting Financial Institution has to conduct on new and preexisting account holders.
Frequently Asked Questions
Certain information posted on this webpage is derived from the HKIRD and the Organisation for Economic Co-operation and Development, and HKEX’s understanding of AEOI. While care has been taken to ensure accuracy of information provided, nothing on this webpage is intended to be, or should be construed to constitute, legal or tax advice; and no information on this webpage may be used or interpreted for the purpose of avoiding AEOI requirements. Participants should consult their own professional advisors on the implications of AEOI.