EXPAT TAX WATCH Hong Kong Expands Info Sharing

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Posted: 14 Jan 2010 | 6:00 am

Back of the increasing international pressure by the OECD (Organization for Economic Co-Operation and Development the Hong Kong legislature has passed a bill expanding the sharing of data with overseas jurisdictions.

Last year in a landmark case between Swiss banking giant UBS and the US Government the institution paid a multi-million dollar fine, and provided the American authorities with information on suspected tax evaders.

The OECD spurred by both the UK and US have aggressively worked to shut down offshore tax havens and provide increased cross bordering sharing of information in order to delve into hidden assets and overseas company shelter set-ups.

Hong Kong currently has double taxation agreements with a number of countries including Thailand.

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