Automatic Exchange of Financial Account Information to be Implemented for MPF Schemes and ORSO Registered Schemes on 1 January 2020
According to the Inland Revenue (Amendment) (No. 2) Ordinance 2019, MPF schemes and ORSO registered schemes will be required to comply with the due diligence and reporting obligations relating to Automatic Exchange of Financial Account Information (“AEOI”) with effect from 1 January 2020. Therefore, holders of all new MPF and ORSO accounts opened on or after 1 January 2020 will need to submit a self-certification to verify their tax residency. Otherwise, the account opening process could not be completed.
As a reporting financial institution, Principal will comply with the due diligence and reporting obligations relating to the AEOI. Please to read the AEOI Overview from the Hong Kong Trustees' Association. You may also read the from the Mandatory Provident Fund Schemes Authority.