Under the Inland Revenue (Amendment) (No.2) Ordinance 2019 (Amendment Ordinance), the Automatic Exchange of Financial Account Information in Tax Matters (AEOI) relating to MPF schemes and ORSO registered schemes will take effect on 1 January 2020. Therefore, holders of all new MPF and ORSO accounts opened on or after 1 January 2020 will be required to submit a self-certification to verify their tax residency. Otherwise, the account opening process will be adversely affected and could not be completed.
As a reporting financial institution, BCT will comply with the due diligence and reporting obligations relating to the AEOI. We will collect the tax residence information of scheme members and report the account information of those who are tax residents outside Hong Kong to the IRD for transmission to the relevant tax authorities in AEOI partner jurisdictions.
For details of AEOI, please click here to read the AEOI Overview from the Hong Kong Trustees' Association or click here to read to the press release from the Mandatory Provident Fund Schemes Authority.