Hong Kong banks face global tax woe

The OECD's incoming common reporting standards will redraw the tax regime in the city and increase the burden on banks at a sensitive time.

Hong Kong banks face global tax woe

Hong Kong’s banks, in the midst of adapting to the new US Foreign Account Tax Compliance Act FATCA, are now facing a tax headache on a global scale.   

In July, the month where FATCA became a reality for the region, the OECD published guidelines on the adoption of a much broader and more ambitious set of rules.

Common Reporting Standards CRS, or GATCA as the rules have been...

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