Key facts
- Hong Kong is implementing the Common Reporting Standard 2.0 (CRS 2.0) by 2028.
- The CRS 2.0 framework expands the scope of information financial institutions must report to tax authorities.
- The OECD designed CRS 2.0 to combat cross-border tax evasion.
- Hong Kong submitted the relevant tax amendment bill to its Legislative Council on April 1.
- Singapore plans to implement CRS 2.0 in 2027, while the British Virgin Islands and Cayman Islands have already done so.
Hong Kong is set to overhaul its global tax reporting rules with the implementation of the Common Reporting Standard 2.0 (CRS 2.0) by 2028. This initiative, developed by the OECD, aims to enhance the fight against cross-border tax evasion by requiring banks and other financial institutions to report a broader range of information to tax authorities.
The territory submitted the "Inland Revenue (Amendment) (Automatic Exchange of Information) Bill 2026" to its Legislative Council on April 1, marking a significant step toward full adoption. This move aligns Hong Kong with global efforts to increase financial transparency.
Other jurisdictions are also adopting the CRS 2.0 framework. Singapore is scheduled to implement it in 2027, while the British Virgin Islands and the Cayman Islands have already rolled out the updated reporting standards this year.