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’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 dubbed, effectively require all participating countries to share tax information with each other.

Unlike FATCA, no timeframe has been given for adoption Hong Kong has yet to sign up but there...

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