20 August 2019

China may mirror new US law on tax cheats, SCMP says

China is expected to introduce its own version of the new US tax law that requires financial institutions around the world to provide Washington with information on US taxpayers, the South China Morning Post reported Friday, citing analysts. Such a law would make it more difficult for corrupt Chinese officials and their relatives to park their wealth in Hong Kong, the report said. Secretary for Financial Services and the Treasury Professor Chan Ka-keung has signed an agreement with the US to allow Hong Kong to pass tax information of Americans working in Hong Kong to their US counterparts under the Foreign Account Tax Compliance Act. The report quoted Richard Weisman, of the Hong Kong office of law firm Baker & McKenzie, as saying that China, as a G20 member state, would probably follow suit.

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