Global forum on transparency and exchange of information for tax purposes peer reviews: Hong Kong, China 2013: Phase 2: implementation of the standard in practice: November 2013 (reflecting the legal and regulatory framework as at August 2013)

This report contains the ""Phase 2: Implementation of the Standards in Practice"" review, as well as revised version of the ""Phase 1: Legal and Regulatory Framework review"" already released for Hong Kong, China. The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by 120 jurisdictions, which participate in the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the implementation of the intern. Read more... About the Global Forum Executive Summary Introduction Information and methodology used for the peer review of Hong Kong, China Overview of Hong Kong, China Recent developments Compliance with the Standards Availability of Information Overview Ownership and identity information Accounting records Banking information Access to Information Overview Competent Authority's ability to obtain and provide information Notification requirements and rights and safeguards Exchanging Information Overview Exchange-of-information mechanisms. Exchange-of-information mechanisms with all relevant partnersConfidentiality Rights and safeguards of taxpayers and third parties Timeliness of responses to requests for information Summary of Determinations and Factors Underlying Recommendations Annex 1: Jurisdiction's Response to the Report Annex 2: List of All Exchange-of-Information Mechanisms in Force Annex 3: List of All Laws, Regulations and Other Relevant Material Annex 4: List of Authorities Interviewed. This report summarises the legal and regulatory framework for transparency and exchange of information in Hong Kong as well as the practical implementation of that framework. It is reflecting the legal and regulatory framework as at August 2013