Hong Kong today exchanged notes with Japan regarding the Exchange of Information Article in the agreement between the two governments on the avoidance of double taxation.
Secretary for Financial Services & the Treasury Prof KC Chan said the exchange will expand the coverage of tax types under the Exchange of Information arrangement, to fulfil international obligations to meet global standards for enhancing tax transparency.
The scope of tax types covers those other than income tax after the passage of the Inland Revenue (Amendment) Bill 2013.
The exchange of notes will come into force after the completion of ratification procedures and notification by both sides.
An order needs to be made by the Chief Executive in Council under the Inland Revenue Ordinance, and is subject to negative vetting by the Legislative Council.
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