crs november newsletter - deloitte united states€¦ · crs november newsletter . the road...

CRS November Newsletter

The road continues Introduction

The Common Reporting Standard (“CRS”) regime has come into effect in over 100 participating jurisdictions. Similar to FATCA, the CRS regime differs among the implementing jurisdictions, and changes with constant developments. As part of Deloitte’s efforts to provide transparency with respect to this evolving landscape, a summary of key jurisdictional updates on CRS signatories, regulations, guidance, and other related news is distributed via our monthly CRS Newsletter.

OECD Updates

The OECD published an updated version of the AEOI status of commitments, which summarizes the intended implementation timelines of the new standard. (November 23, 2018).

In addition, the OECD published a press release announcing that the Global Forum on Tax Transparency (the Global Forum) held its annual meeting on November 20-22 reuniting more than 200 delegates from over 100 jurisdictions, international organizations and regional groups to strengthen the international community’s fight against tax evasion (November 22, 2018).

The OECD also published a press release on Panama’s RBI/CBI schemes announcing that it has been working closely with Panama to ensure that any risks created by its RBI programs are effectively addressed. As a result, under Panama’s Reforestation Investor Permit, Economic Solvency Permit and Friendly Nations Permit programs, Panama ensures that residence documentation provided to successful applicants is identified as issued under the relevant program. The OECD has therefore removed Panama from its RBI/CBI list and has updated its RBI/CBI FAQs accordingly (November 20, 2018). Country Updates Brazil The Brazil Tax Authority published an updated e-Financeira filing manual (v109) (November 7, 2018).

Bermuda Bermuda’s tax administration published an updated version of its Tax Reporting Portal User Guide (version 4.0) and Portal FAQs (November 14, 2018).

Canada The Canadian Revenue Agency released an updated version of its AEOI Tax residency declaration forms for individuals and entities (November 22, 2018).

Global Financial Services Industry

https://www.oecd.org/tax/transparency/AEOI-commitments.pdf

http://www.oecd.org/tax/transparency/global-forum-marks-a-dramatic-shift-in-the-fight-against-tax-evasion-with-the-widespread-commencement-of-the-automatic-exchange-of-financial-information.htm?utm_source=Adestra&utm_medium=email&utm_content=Global%20Forum%20on%20Tax%20Transparency%20marks%20a%20dramatic%20shift%20in%20the%20fight%20against%20tax%20evasion%20with%20the%20wi&utm_campaign=Tax%20News%20Alert%2023-11-2018&utm_term=demo

http://www.oecd.org/tax/automatic-exchange/news/residence-citizenship-by-investment-update-panama-november-2018.htm

http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/residence-citizenship-by-investment/

http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/residence-citizenship-by-investment/

http://sped.rfb.gov.br/estatico/DD/2C4F7CB659EEB7B0BB15EAAE49C1E790598E1D/Versao%20109%20-%2020180608%20-%20e-Financeira%20-%20Manual%20de%20Preenchimento.pdf

https://www.gov.bm/sites/default/files/Bermuda-MoF-Tax-Information-Reporting-Portal-User-Guide-v4.pdf

https://www.gov.bm/sites/default/files/Bermuda-MoF-Tax-Information-Reporting-Portal-FAQs-v4.pdf

https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc518.html

https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc519.html

France The French Tax Authority released Instructions BOI-INT-AEA-20-25 related to the obligations of Account holders and Financial Institutions for CRS purposes (November 7, 2018).

Germany The Federal Tax Office of Germany released FATCA Infobrief 04/2018 providing guidance on the conversion of the ELMA header (November 15, 2018).

In addition, the Federal Tax Office of Germany published an updated version of its FATCA Technical Guidance Notes related to the data transmission via the ELMA interface. Key changes include guidance on the ELMA headers and ELMA confirmations due to changes in the ELAN environment (November 23, 2018).

Hong Kong Hong Kong’s Inland Revenue Department published The Inland Revenue (Amendment) (No. 7) Bill 2018 (Amendment Bill), which refines the provisions that implement the arrangement for AEOI to conform with the requirements promulgated by the OECD and modifies the list of non-Reporting Financial Institutions (November 3, 2018).

Hungary The Hungarian Parliament published Issue No. 184 of 2018, which includes amendments to the Hungarian Personal Income Tax Law and updated CRS reportable jurisdictions list for 2018 and 2019 (November 23, 2018).

India India’s Central Board of Direct Taxes (CBDT) released Notification no. 78/2018 including a list of participating jurisdictions as described in Rule 114F (6Dii) of the Indian Income Tax Code regarding the Passive NFE definition (November 5, 2018).

Israel Israel’s Parliament’s Finance Committee held a second session to discuss the approval of the CRS Regulations. (November 28, 2018).

Liechtenstein The Government of Liechtenstein published amendments to its FATCA and CRS Laws. Note that both amendments will enter into force on January 1, 2019 (upon the expiration of the referendum period or, otherwise on the day after the announcement) (November 2, 2018).

In addition, the Liechtenstein Government published State law gazettes approving the notification under Section 7 of the MCAA, establishing the automatic exchange of information (AEOI) with 21 additional jurisdictions (November 26, 2018).

Monaco Monaco’s Ministry of Finance and Economy published an updated list of CRS reportable jurisdictions, adding 31 countries to the existing list. Among these new countries, seven would be considered non-reciprocal countries (November 2, 2018).

http://bofip.impots.gouv.fr/bofip/11549-PGP.html?identifiant=BOI-INT-AEA-20-25-20181107

https://www.bzst.de/DE/Steuern_International/FATCA/Infobrief/Aktuell/Infobrief_Aktuell.html;jsessionid=46B42036CB77EB3919CEF3D8847C37BE.live6812?nn=30798

http://www.bzst.de/DE/Steuern_International/FATCA/Kommunikationshandbuch/Kommunikationshandbuch_FATCA_Teil_III.pdf;jsessionid=664CC352B789B4B007F9EB85C379D31E.live6832?__blob=publicationFile

http://www.magyarkozlony.hu/dokumentumok/ca5e8b5ca7e70761d641fa5bdb1f06c1367a57c6/megtekintes

https://www.incometaxindia.gov.in/communications/notification/notification78_2018.pdf

https://www.gesetze.li/chrono/neueste-lgbl

https://journaldemonaco.gouv.mc/Journaux/2018/Journal-8406/Arrete-Ministeriel-n-2018-1007-du-29-octobre-2018-portant-application-de-l-Ordonnance-Souveraine-n-6.208-du-20-decembre-2016-portant-application-de-la-Convention-concernant-l-assistance-administrative-mutuelle-en-matiere-fiscale-de-l-Accord-multilatera

Netherlands Netherlands published an update on AEOI filing deadlines, which applies to investment products, loan products, and Private Home Annuity Savings (EWLS). The update clarifies the final due date for these products as follows:

o Investment products (may also include FATCA and CRS) and Private Home Annuity Savings (EWLS) – February 1, 2019.

o Payment and savings products (may also include FATCA and CRS) – May 1, 2019. o FATCA and CRS reports – August 1, 2019 (November 8, 2018).

Peru Peru’s Ministry of Economy and Finance released Decree No. 256-2018-EF that establishes the due diligence and reporting requirements as well as corresponding definitions for CRS purposes (November 11, 2018).

Slovak Republic Slovak Republic’s Ministry of Finance released a notice integrating the OECD’s guidance on citizenship and residence by investment (CBI/RBI) schemes (November 27, 2018).

Switzerland The Swiss Federal Council announced that is has repealed Article 1 of its AEOI Law relating to the term "participating jurisdiction", with effect from January 1, 2019. This confirms the repeal of Switzerland’s white list approach, as announced in the previously released CRS FAQs (November 7, 2018).

Singapore The Inland Revenue Department of Singapore issued a Press Release announcing that it has signed a Tax Information Exchange Agreement (TIEA) and a reciprocal FATCA Model 1 IGA with the United States on November 13, 2018 (November 16, 2018).

Taiwan Taiwan’s Ministry of Finance issued a press release regarding the simplification of the due diligence processes for CRS (November 1, 2018).

In addition, Taiwan’s Ministry of Finance published a Press Release updating its CRS list of Low Risk Excluded Accounts under local law (November 30, 2018).

Thailand Thailand’s Revenue Department announced that the U.S. Internal Revenue Service (IRS) will open its IDES system for Thai financial institutions to send and receive FATCA test files from December 17, 2018 to January 25, 2019 (November 30, 2018).

https://s3.amazonaws.com/gobpe-production/uploads/document/file/228388/DS256_2018EF.pdf

https://www.financnasprava.sk/_img/pfsedit/Dokumenty_PFS/Infoservis/FATCA/2018/2018.11.27_CBI_RBI_info.pdf

https://www.admin.ch/gov/fr/accueil/documentation/communiques.msg-id-72825.html

https://www.iras.gov.sg/irashome/News-and-Events/Newsroom/Media-Releases-and-Speeches/Media-Releases/2018/Singapore-and-The-United-States-of-America-Signed-Agreements-for-Exchange-of-Information/

https://www.mof.gov.tw/Detail/Index?nodeid=137&pid=81615&rand=2532

https://www.mof.gov.tw/Detail/Index?nodeid=24&pid=81965

http://www.rd.go.th/publish/27607.0.html

For more information, please click here or contact:

Denise Hintzke Managing Director, Global FATCA/CRS Tax Leader Deloitte Tax LLP +1 212 436 4792

Anne Mericle Senior Manager, Global Information Exchange PMO Deloitte Tax LLP +1 212 436 3908

Susan Schultz Managing Director, FATCA Global Delivery Center (GDC) Operations Leader Deloitte Tax LLP +1 612 397 4604

Susan Segar Managing Director, Global Information Reporting Deloitte Tax LLP +1 703 885 6328

Americas Phillip Brunson Partner, Global Leader – Information Reporting Deloitte Tax LLP +1 212 618 4041

Steve Chapman Partner, Global Information Reporting Deloitte Tax LLP +1 212 436 2339

David Charlton Principal, Global Information Reporting Deloitte Tax LLP +1 617 437 2118

James Dockeray FATCA Leader Deloitte Caribbean and Bermuda Deloitte Ltd. +1 441 299 1399

Patty Florness Partner, Global Information Reporting Deloitte Tax LLP +1 212 436 7413

Andrea Garcia Castelao Principal, Global Information Reporting-CRS Deloitte Tax LLP +1 212 436 3785

Peter Larsen Managing Director, Global Information Reporting Deloitte Tax LLP +1 415 783 4575

Anthony Martirano Managing Director, Global Information Reporting Deloitte Tax LLP +1 973 602 6986

Richard Marcovitz FATCA/CRS Leader Deloitte Canada Deloitte LLP +1 416 775 4760

Robert Schlock Managing Director, Global Information Reporting Deloitte Tax LLP +1 212 436 3541

Michael Shepard Principal Deloitte Transactions and Business Analytics LLP +1 215 299 5260

Kristen Starling Managing Director, Global Information Reporting Deloitte Tax LLP +1 212 436 4281

Sagun Vijayananda Partner, Global Information Reporting Deloitte Tax LLP +1 212 436 7329

Asia-Pacific Troy Andrews FATCA/CRS Partner Deloitte New Zealand Deloitte +64 93030729

Alison Noble FATCA/CRS Leader Deloitte Australia Deloitte Services Pty Ltd +61 3 9671 6716

Radish Singh Forensic SEA for FATCA/CRS Deloitte Singapore Deloitte & Touche FAS +65 6530 8077

Michael Velten FATCA/CRS Leader, Asia-Pacific Deloitte Singapore Deloitte & Touche LLP +65 6531 5039

Europe, Middle East & Africa Brandi Caruso Tax Transparency Leader Deloitte Switzerland Deloitte AG +41 58 279 6397

Eric Centi FATCA/CRS Tax Partner Deloitte Luxembourg Deloitte Tax & Consulting +352 45145 2162

Karim Ousta FATCA Tax Leader, Middle East Deloitte United Arab Emirates Deloitte LLP +971 4 5064700

Owen Gibbs UK FATCA/CRS/DAC Director Deloitte United Kingdom Deloitte LLP +44 20 7007 4819

Alex Law FATCA Leader, Middle East Deloitte United Arab Emirates Deloitte LLP +971 4 506 4700

Jason McGarvey UK FATCA/CRS/DAC Director Deloitte, United Kingdom Deloitte LLP +44 20 7303 0412

Chris Tragheim EMEA Operational Tax Leader Deloitte United Kingdom Deloitte LLP + 44 20 7303 2848

Markus Weber Financial Services Industry Tax Leader Deloitte Switzerland Deloitte AG +41 58 279 7527

This alert contains general information only and Deloitte is not, by means of this alert, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This alert is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this alert.

About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

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Common Reporting Standard » Forums » Actueel » Uiterste inzenddatum VIH 2019 Uiterste inzenddatum VIH 2019 door Belastingdienst- Centrale administratieve processen - donderdag, 8 november 2018, 10:44

Geachte relatie,

De uiterste datum waarop uw klantgegevens over het gegevensjaar 2018 bij de Belastingdienst binnen moeten zijn, is vastgesteld op 1 februari 2019. Dit is de wettelijke datum ingevolge artikel 22 lid 4, letter c Uitvoeringsbesluit inkomstenbelasting 2001. Dat geldt voor de berichtstromen Beleggingsproducten, Leenproducten en Eigen Woning Lijfrente Sparen (EWLS).

Correcties op deze berichtstromen kunt u tot 11 februari 2019 17.00 uur inzenden. Deze correcties worden dan gegarandeerd beschikbaar gesteld in de VIA download.

Voor de berichtstromen Betaal- en Spaarproducten geldt onveranderd de uiterste datum van inzending van vóór 1 mei 2019, conform artikel 22 lid 4, letter b Uitvoeringsbesluit inkomstenbelasting 2001. De FATCA- en/of CRS-gegevens levert u vóór 1 augustus 2019 in.

Er is ook een mogelijkheid om al uw gegevens van de berichtstromen Beleggingsproducten, Leenproducten, Betaal- en spaarproducten, Eigen Woning Lijfrente Sparen, FATCA en CRS vóór 1 februari 2019 in te leveren. Daarmee kunt u in één keer aan uw leveringsverplichting voldoen. Als u dat wilt doen, hoeft u daarvan geen melding bij de Belastingdienst te maken.

Samengevat:

Betreft Berichtstroom Uiterste inleverdatum vóór: VIH 2019 Leenproducten Vrijdag 1 februari 2019 Beleggingsproducten (eventueel inclusief FATCA en CRS) Vrijdag 1 februari 2019 Eigen Woning Lijfrente Sparen (EWLS) Vrijdag 1 februari 2019 Betaal- en spaarproducten (eventueel inclusief FATCA

en CRS) Woensdag 1 mei 2019

FATCA Donderdag 1 augustus 2019 CRS Donderdag 1 augustus 2019

Meer informatie:

Hebt u nog vragen? Dan kunt u een e-mail sturen aan: [email protected].

Met vriendelijke groet, Belastingdienst/Centrale Administratieve Processen (CAP) Ministerie van Financiën

Bekijk dit bericht in zijn context

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Inland Revenue (Amendment) (No. 7) Bill 2018《2018年稅務 (修訂 ) (第 7號 )條例草案》

C1920 C1921

Inland Revenue (Amendment) (No. 7) Bill 2018

Contents

Clause Page

Part 1

Preliminary

1. Short title and commencement .............................................. C1927

2. Inland Revenue Ordinance Amended .................................... C1929

Part 2

Amendments for Aligning Tax Treatment of Financial Instruments with their

Accounting Treatment

3. Sections 18G to 18L added .................................................... C1931

18G. Financial instrument: interpretation of this

section and sections 18H, 18I, 18J, 18K and

18L ....................................................................... C1933

18H. Financial instrument: application of sections

18I, 18J, 18K and 18L .......................................... C1935

18I. Financial instrument: effect of sections 18J,

18K and 18L on other Part 4 provisions .............. C1939

18J. Financial instrument: generally, profits etc.

for accounting purpose taken to be profits etc.

for taxation purpose ............................................. C1941

18K. Financial instrument: special treatment of

impairment loss .................................................... C1945

《2018年稅務 (修訂 ) (第 7號 )條例草案》

目錄

條次頁次

第 1部

導言

1. 簡稱及生效日期 .................................................................... C1926

2. 修訂《稅務條例》 .................................................................... C1928

第 2部

關乎令金融工具的稅務處理與其會計處理一致的修訂

3. 加入第 18G至 18L條............................................................ C1930

18G. 金融工具：本條及第 18H、18I、18J、18K

及 18L條的釋義 .................................................. C1932

18H. 金融工具：第 18I、18J、18K及 18L條的適用範圍 .................................................................. C1934

18I. 金融工具：第 18J、18K及 18L條對第 4部其他條文的效力 .................................................. C1938

18J. 金融工具：一般而言，為會計目的的利潤等須視為稅務目的的利潤等 ................................... C1940

18K. 金融工具：減值損失的特別處理 ........................ C1944


C1922 C1923

Clause Page條次頁次

18L. 金融工具︰權益工具、金融負債、嵌入式衍生工具、優先股、非基於各自獨立利益的貸款等的特別處理 .................................................. C1950

第 3部

關乎須支付予海外出口信貸機構的利息開支的修訂

4. 修訂第 16條 (應課稅利潤的確定 ) ...................................... C1956

第 4部

關乎稅務事宜自動交換財務帳户資料的修訂

5. 修訂第 50A條 (釋義 ) ........................................................... C1962

6. 加入第 50L條 ........................................................................ C1976

50L. 局長公布的指引 .................................................. C1978

7. 修訂附表 17C (免申報財務機構及豁除帳户 ) ..................... C1980

8. 修訂附表 17D (盡職審查規定 ) ............................................ C1982

9. 修訂附表 17E (申報稅務管轄區及參與稅務管轄區 ) .......... C1982

第 5部

關乎外訪教師或研究人員的入息的修訂

10. 修訂第 8條 (薪俸稅的徵收 ) ................................................ C1996

18L. Financial instrument: special treatment of

equity instrument, financial liability,

embedded derivative, preference share, non-

arm’s length loan, etc. .......................................... C1951

Part 3

Amendments Relating to Interest Expense Payable to Overseas Export Credit

Agency

4. Section 16 amended (ascertainment of chargeable

profits) ................................................................................... C1957

Part 4

Amendments Relating to Automatic Exchange of Financial Account Information

in Tax Matters

5. Section 50A amended (interpretation) ................................... C1963

6. Section 50L added ................................................................. C1977

50L. Guidelines published by Commissioner ............... C1979

7. Schedule 17C amended (non-reporting financial

institutions and excluded accounts) ....................................... C1981

8. Schedule 17D amended (due diligence requirements) ............ C1983

9. Schedule 17E amended (reportable jurisdictions and

participating jurisdictions) ..................................................... C1983

Part 5

Amendments Relating to Income of Visiting Teacher or Researcher

10. Section 8 amended (charge of salaries tax) ............................ C1997


C1924 C1925

Clause Page條次頁次

第 6部

關乎兄弟姊妹關係的修訂

11. 修訂第 30B條 (供養兄弟姊妹免稅額 ) ................................ C2000

第 7部

過渡條文

12. 修訂第 89條 (過渡性條文 ) .................................................. C2002

13. 加入附表 48 ........................................................................... C2002

附表 48 關於《2018年稅務 (修訂 ) (第7號 )條例》的過渡條文 ................................................. C2002

Part 6

Amendment Relating to Sibling Relationship

11. Section 30B amended (dependent brother or dependent

sister allowance) ..................................................................... C2001

Part 7

Transitional Provisions

12. Section 89 amended (transitional provisions) ........................ C2003

13. Schedule 48 added ................................................................. C2003

Schedule 48 Transitional Provisions for Inland

Revenue (Amendment) (No. 7)

Ordinance 2018 ........................................... C2003

第 1部第 1條

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C1926 C1927

修訂《稅務條例》，令金融工具的稅務處理在某些情況下，與其會計處理一致；就須支付予海外出口信貸機構的利息開支的扣除，訂定條文；完善實施就稅務事宜自動交換財務帳户資料的安排的條文；避免可能出現的、關乎外訪教師的入息及外訪研究人員的入息的雙重不課稅情況；以及修訂兄弟姊妹關係的涵義。

由立法會制定。

第 1部

導言

1. 簡稱及生效日期 (1) 本條例可引稱為《2018年稅務 (修訂 ) (第 7號 )條例》。

Amend the Inland Revenue Ordinance to align tax treatment of financial instruments with their accounting treatment in certain circumstances; to provide for deduction of interest expenses payable to overseas export credit agencies; to refine the provisions that implement the arrangement relating to automatic exchange of financial account information in tax matters; to avoid potential double non-taxation of income of visiting teachers and researchers; and to revise the meaning of the sibling relationship.

Enacted by the Legislative Council.

Part 1

Preliminary

1. Short title and commencement

(1) This Ordinance may be cited as the Inland Revenue (Amendment) (No. 7) Ordinance 2018.

本條例草案

旨在

A BILL

To

第 1部第 2條

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C1928 C1929

(2) Subject to subsection (3), this Ordinance comes into operation on the day on which it is published in the Gazette.

(3) Part 4 comes into operation on 1 January 2020.

2. Inland Revenue Ordinance Amended

The Inland Revenue Ordinance (Cap. 112) is amended as set out in Parts 2 to 7.

(2) 除第 (3)款另有規定外，本條例自其於憲報刊登當日起實施。

(3) 第 4部自 2020年 1月 1日起實施。

2. 修訂《稅務條例》《稅務條例》(第 112章 )現予修訂，修訂方式列於第 2至 7部。

第 2部第 3條

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C1930 C1931

Part 2

Amendments for Aligning Tax Treatment of Financial Instruments with their Accounting Treatment

3. Sections 18G to 18L added

After section 18F—

Add“Note without legislative effect on sections 18G, 18H, 18I, 18J, 18K and 18L—

1. The specified financial reporting standards (as defined in section 18G(1)) require enterprises to account for financial instruments on a fair value basis (that is, both realized and unrealized profits of the instruments have to be accounted for in the financial statements) in certain circumstances. Sections 18G, 18H, 18I, 18J, 18K and 18L provide for the alignment of the treatment of financial instruments for profits tax purpose with their accounting treatment.

2. Sections 18I, 18J, 18K and 18L apply to a taxpayer who follows a specified financial reporting standard and elects that those sections apply to the taxpayer (see section 18H).

3. Section 18I explains the effect of sections 18J, 18K and 18L on the other Part 4 provisions in determining whether any profit, gain, loss, income or expense is chargeable to tax or allowable for deduction. (The other Part 4 provisions are provisions of this Part other than sections 18G, 18H, 18I, 18J, 18K and 18L.) In summary—

(a) for the purposes of this Part, profits are not limited to realized profits despite the other Part 4 provisions and a change in fair value of a financial instrument is to be brought into account in assessing profits tax in certain circumstances;

(b) also, the way in which a profit, gain, loss, income or expense is computed is changed in certain circumstances (for example, interest is computed in some cases at the effective rate instead of the contractual rate); and

第 2部

關乎令金融工具的稅務處理與其會計處理一致的修訂

3. 加入第 18G至 18L條在第 18F條之後——

加入“以下附註關於第 18G、18H、18I、18J、18K及 18L條，並且不具立法效力——

1. 指明財務報告準則 (第 18G(1)條所界定者 )規定企業在某些情況下，須將金融工具按公平價值基準入帳 (即該工具變現所得的利潤及尚未變現的利潤，均須計入財務報表內 )。第 18G、18H、18I、18J、18K及 18L條訂定條文，令金融工具在利得稅方面的稅務處理，與其會計處理一致。

2. 第 18I、18J、18K及 18L條適用於符合以下說明的納稅人：該人跟從某指明財務報告準則，並選擇上述條文對其適用(參閱第 18H條 )。

3. 第 18I條解釋在釐定任何利潤、收益、虧損、入息或開支是否應課稅或可容許扣除時，第 18J、18K及 18L條對第4部其他條文的效力。(第 4部其他條文即第 18G、18H、18I、18J、18K及 18L條以外的本部條文。)總括而言——

(a) 為本部的施行，儘管有第 4部其他條文的規定，利潤並不只限於變現所得的利潤。在某些情況下，在評定利得稅時，金融工具的公平價值的變動，亦須計算在內；

(b) 此外，計算利潤、收益、虧損、入息或開支的方式，在某些情況下會有所改變 (如在某些情況下，利息是按有效利率而非合約上列明的利率計算 )；及

第 2部第 3條

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C1932 C1933

(c) apart from the changes described in paragraphs (a) and (b), sections 18J and 18L apply subject to the other Part 4 provisions.

4. Under section 18J, the amount of profit, gain, loss, income or expense computed for a financial instrument for profits tax purpose for a period is the amount of profit, gain, loss, income or expense recognized for the instrument for accounting purpose for the period.

5. Sections 18K and 18L provide for special treatment of an impairment loss, an equity instrument or financial liability on revenue account, an embedded derivative, a preference share, a loan made or debt security issued otherwise than on an arm’s length basis and a hedging instrument.

18G. Financial instrument: interpretation of this section and sections 18H, 18I, 18J, 18K and 18L

(1) In this section and sections 18H, 18I, 18J, 18K and 18L—

recognized (確認)—see subsection (2)(a);

specified financial reporting standard (指明財務報告準則)—

(a) unless paragraph (b) applies, means—

(i) the Hong Kong Financial Reporting Standard 9 (Financial Instruments) issued by the Hong Kong Institute of Certified Public Accountants, as in force from time to time; or

(ii) the International Financial Reporting Standard 9 (Financial Instruments) issued by the International Accounting Standards Board, as in force from time to time; or

(b) in relation to a person for a year of assessment for which the person prepares financial statements in accordance with a standard referred to in paragraph (a)(i) or (ii), means that standard.

(c) 除了 (a)及 (b)段描述的改變外，第 18J及 18L條在第4部其他條文的規限下而適用。

4. 根據第 18J條，就某金融工具在某段期間為利得稅的目的而計算的利潤、收益、虧損、入息或開支的款額，是該工具在該段期間為會計的目的而獲確認的利潤、收益、虧損、入息或開支的款額。

5. 第 18K及 18L條就以下項目的特別處理，訂定條文：減值損失、屬營業項目的權益工具或金融負債、嵌入式衍生工具、優先股、並非按基於各自獨立利益而發放的貸款或發行的債務證券，以及對沖工具。

18G. 金融工具：本條及第 18H、18I、18J、18K及 18L條的釋義

(1) 在本條及第 18H、18I、18J、18K及 18L條中——指明財務報告準則 (specified financial reporting

standard)—— (a) (除非 (b)段適用 )指——

(i) 由香港會計師公會發出的《香港財務報告準則第 9 號 ( 金融工具 )》( 此為 “Hong Kong Financial Reporting Standard 9 (Financial Instruments)”的譯名 )，按不時有效的版本為準；或

(ii) 由國際會計準則委員會發出的《國際財務報告準則第 9 號 ( 金融工具 )》( 此為“International Financial Reporting Standard 9 (Financial Instruments)”的譯名 )，按不時有效的版本為準；或

(b) 凡某人就某課稅年度，按照 (a)(i)或 (ii)段提述的準則，擬備財務報表——指該準則；

確認 (recognized)——參閱第 (2)(a)款。

第 2部第 3條

Part 2Clause 3


C1934 C1935

(2) If a person prepares financial statements for the basis period for a year of assessment in accordance with a specified financial reporting standard—

(a) recognized in this section or section 18H, 18I, 18J, 18K or 18L (other than section 18L(6)(c)), in relation to the person and the year, means recognized in accordance with the standard; and

(b) an expression used in this section or section 18H, 18I, 18J, 18K or 18L has the same meaning in relation to the person and the year as the expression has in the standard if the expression is—

(i) defined in the standard; and

(ii) not defined in this section or section 18H, 18I, 18J, 18K or 18L.

18H. Financial instrument: application of sections 18I, 18J, 18K and 18L

(1) Sections 18I, 18J, 18K and 18L apply to a person for a year of assessment only if—

(a) the person prepares financial statements for the basis period for the year in accordance with a specified financial reporting standard; and

(b) the person has elected in writing that those sections apply to the person (election) and the election has effect for the year.

(2) A person may make an election for a year of assessment (election year) and, subject to subsections (4), (5), (6) and (7), the election—

(a) is irrevocable; and

(2) 如某人按照某指明財務報告準則，就某課稅年度的評稅基期，擬備財務報表——

(a) 就該人及該年度而言，在本條或第 18H、18I、18J、18K或 18L條 (第 18L(6)(c)條除外 )中，確認指按照該準則確認；及

(b) 就該人及該年度而言，在本條或第 18H、18I、18J、18K或 18L條 (有關條文 )中使用的詞句，凡屬以下情況——

(i) 該準則對其涵義有所界定，而 (ii) 本條或第 18H、18I、18J、18K或 18L條

並無界定其涵義，則該詞句在有關條文中的涵義，與該詞句在該準則中的涵義相同。

18H. 金融工具：第 18I、18J、18K及 18L條的適用範圍 (1) 只有在下述情況下，第 18I、18J、18K及 18L條方

會就某課稅年度適用於某人—— (a) 該人按照指明財務報告準則，就該年度的評稅

基期，擬備財務報表；及 (b) 該人以書面方式，選擇該等條文對其適用 (選

擇 )，而該項選擇就該年度有效。 (2) 任何人可就某課稅年度 (選擇年度 )作出選擇，除

第 (4)、(5)、(6)及 (7)款另有規定外，該項選擇—— (a) 不能撤回；及

第 2部第 3條

Part 2Clause 3


C1936 C1937

(b) has effect for the election year and all subsequent years of assessment.

(3) The amount of any profit, gain, loss, income or expense which would have been brought into account for computing the person’s assessable profits for the basis period for any year of assessment preceding the election year, had the assessable profits been computed on the basis set out in sections 18I, 18J, 18K and 18L, must be brought into account for computing the person’s assessable profits for the election year.

(4) Despite subsection (2), an election may be revoked with the Commissioner’s approval under subsection (5) and, on the revocation, the election ceases to have effect from the year of assessment specified by the Commissioner.

(5) The Commissioner may, on a person’s application in writing, approve the revocation of the person’s election if the person proves to the Commissioner’s satisfaction—

(a) that there are good commercial reasons for the revocation; and

(b) that avoidance of tax is not the main purpose, or one of the main purposes, of the revocation.

(6) If, after a person has made an election, the person ceases to prepare, in accordance with a specified financial reporting standard, financial statements for the basis period for a year of assessment, the election ceases to have effect from the year.

(7) If an election ceases to have effect from a year of assessment under subsection (4) or (6) (cessation year)—

(b) 就選擇年度及隨後的所有課稅年度有效。 (3) 凡任何利潤、收益、虧損、入息或開支的款額，倘

若按照第 18I、18J、18K及 18L條所列的基準計算有關的人在選擇年度之前任何課稅年度的評稅基期內的應評稅利潤時，是會計算在內的，則該等利潤、收益、虧損、入息或開支的款額，在計算該人就選擇年度的應評稅利潤時，須計算在內。

(4) 儘管有第 (2)款的規定，局長可根據第 (5)款批准撤回某項選擇，而該項選擇一經撤回，即自局長指明的課稅年度起失效。

(5) 如某人提出證明而令局長信納—— (a) 該人撤回其選擇是具有充分商業理由；及 (b) 避稅並非該項撤回的主要目的或其中一個主要

目的，則局長可應該人的書面申請，批准該人撤回其選擇。

(6) 任何人在作出選擇後，如停止就某課稅年度的評稅基期，按照指明財務報告準則，擬備財務報表，則該項選擇即自該年度起失效。

(7) 如某項選擇根據第 (4)或 (6)款自某課稅年度起失效 (失效年度 )——

第 2部第 3條

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C1938 C1939

(a) sections 18I, 18J, 18K and 18L do not apply to the person for the cessation year and all subsequent years of assessment; and

(b) every financial instrument held by the person at the end of the basis period for the year of assessment immediately preceding the cessation year is taken to have been disposed of and reacquired, or released and reassumed, at its fair value on the first day of the basis period for the cessation year.

18I. Financial instrument: effect of sections 18J, 18K and 18L on other Part 4 provisions

(1) This section applies in determining whether any profit, gain, loss, income or expense is chargeable to tax or allowable for deduction in relation to a person to whom this section applies under section 18H for a year of assessment.

(2) Sections 18J, 18K and 18L do not affect the operation of sections 17C and 17D.

(3) Subject to subsection (2), sections 18J, 18K and 18L apply despite any other Part 4 provisions to the extent that—

(a) those other provisions (regardless of how they are expressed) would otherwise limit the profit, gain, loss, income or expense chargeable to tax or allowable for deduction to that which is realized, received, receivable, accrued, paid, payable or incurred; or

(b) under those other provisions (regardless of how they are expressed), any profit, gain, loss, income or expense would otherwise be

(a) 第 18I、18J、18K及 18L條對有關的人就失效年度及隨後的所有課稅年度均不適用；及

(b) 該人在緊接失效年度之前的課稅年度的評稅基期結束時，所持有的每項金融工具，均須視為已於失效年度的評稅基期首日，以其公平價值脫手並重新取得，或解除並重新承擔。

18I. 金融工具︰第 18J、18K及 18L條對第 4部其他條文的效力

(1) 如本條根據第 18H條而就某課稅年度適用於某人，則在釐定任何利潤、收益、虧損、入息或開支是否應課稅或可容許扣除時，本條適用。

(2) 第18J、18K及18L條不影響第17C及17D條的施行。 (3) 儘管有第 4部其他條文的規定，在符合第 (2)款的

規定下，第 18J、18K及 18L條在以下所述範圍內適用——

(a) 該等其他條文 (不論其表述方式如何 )本會將應課稅或可容許扣除的利潤、收益、虧損、入息或開支，局限於變現所得、已收取、應收取、應累算、已支付、須支付或已招致的利潤、收益、虧損、入息或開支；或

(b) 根據該等其他條文 (不論其表述方式如何 )，任何利潤、收益、虧損、入息或開支的計算方式，本會與第 18J、18K及 18L條中任何一條

第 2部第 3條

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C1940 C1941

computed in a way different from that provided for in any of sections 18J, 18K and 18L (whether or not by having the profit, gain, loss, income or expense wholly or partly brought into account for a different year of assessment).

(4) Except as provided for in subsection (3), sections 18J and 18L apply subject to the other Part 4 provisions.

(5) In this section—

other Part 4 provisions (第4部其他條文) means provisions of this Part other than sections 18G, 18H, 18I, 18J, 18K and 18L.

18J. Financial instrument: generally, profits etc. for accounting purpose taken to be profits etc. for taxation purpose

(1) In relation to a person to whom this section applies under section 18H for a year of assessment, the tax-relevant amount in respect of a financial instrument is the accounting-relevant amount in respect of the instrument.

(2) Subsection (1) applies subject to sections 18K and 18L.

(3) For subsection (1)—

(a) the tax-relevant amount in respect of a financial instrument is the amount of profit, gain, loss, income or expense to be brought into account for computing the person’s assessable profits in respect of the instrument for the basis period for the year of assessment; and

(b) the accounting-relevant amount in respect of a financial instrument is the amount which is recognized in determining any profit, gain, loss, income or expense of the person in respect of

訂明的方式不同 (不論是否將全部或部分利潤、收益、虧損、入息或開支，計算在另一個課稅年度內 )。

(4) 除第 (3)款另有規定外，第 18J及 18L條在第 4部其他條文的規限下而適用。

(5) 在本條中——第 4部其他條文 (other Part 4 provisions)指本部的任何

條文，但第 18G、18H、18I、18J、18K 及 18L 條除外。

18J. 金融工具：一般而言，為會計目的的利潤等須視為稅務目的的利潤等

(1) 如本條根據第 18H條而就某課稅年度適用於某人，關乎某金融工具的稅務相關款額，即關乎該工具的會計相關款額。

(2) 第 (1)款在第 18K及 18L條的規限下而適用。 (3) 就第 (1)款而言——

(a) 關乎某金融工具的稅務相關款額，即在計算有關的人在有關課稅年度的評稅基期內關乎該工具的應評稅利潤時，須計算在內的利潤、收益、虧損、入息或開支的款額；及

(b) 關乎某金融工具的會計相關款額，即在釐定有關的人在該課稅年度的評稅基期內關乎該工具

第 2部第 3條

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C1942 C1943

the instrument for the basis period for the year of assessment.

(4) In applying subsection (1) to a financial instrument that is measured at fair value through profit or loss—

(a) if the person derives interest from the instrument—the amount of interest chargeable to tax is the amount recognized in profit or loss;

(b) if the person incurs interest on any money borrowed by the person for the purpose of producing the person’s assessable profits—the amount of interest allowable as a deduction is the amount recognized in profit or loss;

(c) if the instrument is a debt security and the person derives a gain from a discount or premium on the debt security—the amount of gain chargeable to tax is the amount recognized in profit or loss; and

(d) if the instrument is a debt security that the person issues at a discount or redeems at a premium, and the proceeds of the issue of the debt security are applied for the purpose of producing the person’s assessable profits—the amount of discount or premium allowable as a deduction is the amount recognized in profit or loss.

(5) In applying subsection (1) to a financial instrument that is measured at amortized cost or fair value through other comprehensive income—

(a) if the person derives interest from the instrument—the amount of interest chargeable to tax is the amount recognized in profit or loss at the effective interest rate;

的利潤、收益、虧損、入息或開支時，獲確認的款額。

(4) 在應用第 (1)款於經損益以公平價值衡量的金融工具時——

(a) 如有關的人從該工具獲取利息——應課稅利息的款額為在損益中獲確認的款額；

(b) 如有關的人為產生該人的應評稅利潤而借款，並因該借款而招致利息——可容許扣除的利息的款額為在損益中獲確認的款額；

(c) 如該工具屬債務證券，而有關的人從該債務證券的折扣或溢價中獲取收益——應課稅收益的款額為在損益中獲確認的款額；及

(d) 如該工具屬有關的人以折扣發行或按溢價贖回的債務證券，而發行該債務證券所得是用作產生該人的應評稅利潤——可容許扣除的折扣或溢價的款額為在損益中獲確認的款額。

(5) 在應用第 (1)款於以攤餘成本衡量或經其他綜合收益以公平價值衡量的金融工具時——

(a) 如有關的人從該工具獲取利息——應課稅利息的款額為按有效利率計算，在損益中獲確認的款額；

第 2部第 3條

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C1944 C1945

(b) if the person incurs interest on any money borrowed by the person for the purpose of producing the person’s assessable profits—the amount of interest allowable as a deduction is the amount recognized in profit or loss at the effective interest rate;

(c) if the instrument is a debt security and the person derives a gain from a discount or premium on the debt security—the amount of gain chargeable to tax is the amount recognized in profit or loss at the effective interest rate; and

(d) if the instrument is a debt security that the person issues at a discount or redeems at a premium, and the proceeds of the issue of the debt security are applied for the purpose of producing the person’s assessable profits—the amount of discount or premium allowable as a deduction is the amount recognized in profit or loss at the effective interest rate.

18K. Financial instrument: special treatment of impairment loss

(1) This section applies in relation to a person to whom this section applies under section 18H for a year of assessment.

(2) Any impairment loss recognized by the person in respect of a financial instrument that is not credit-impaired is not deductible and any subsequent reversal of any amount of the impairment loss is not chargeable to tax.

(3) If an impairment loss is recognized by the person in respect of a financial instrument that is credit-impaired—

(b) 如有關的人為產生該人的應評稅利潤而借款，並因該借款而招致利息——可容許扣除的利息的款額為按有效利率計算，在損益中獲確認的款額；

(c) 如該工具屬債務證券，而有關的人從該債務證券的折扣或溢價中獲取收益——應課稅收益的款額為按有效利率計算，在損益中獲確認的款額；及

(d) 如該工具屬有關的人以折扣發行或按溢價贖回的債務證券，而發行該債務證券所得是用作產生該人的應評稅利潤——可容許扣除的折扣或溢價的款額為按有效利率計算，在損益中獲確認的款額。

18K. 金融工具︰減值損失的特別處理 (1) 本條就以下的人而適用：根據第 18H條就某課稅

年度本條適用於該人。 (2) 有關的人就並非已產生信用減值的金融工具所確認

的任何減值損失，均不可扣除，而隨後減值損失逆轉的任何款額，亦無須課稅。

(3) 如有關的人就已產生信用減值的金融工具，確認減值損失——

第 2部第 3條

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C1946 C1947

(a) if the instrument represents a debt that was included as a trading receipt in ascertaining the person’s assessable profits for the basis period in which the debt arose—the impairment loss is allowable as a deduction up to the amount of the debt so included;

(b) if the instrument represents a debt in respect of money lent, in the ordinary course of the business of lending money in Hong Kong, by the person who carries on that business—the impairment loss is allowable as a deduction up to the amount of the debt; and

(c) in any other case—the impairment loss is not deductible.

(4) If—

(a) a deduction of an amount was previously allowed to the person for a year of assessment—

(i) under section 16(1)(d) in respect of a bad debt or doubtful debt in respect of a financial instrument; or

(ii) under subsection (3) in respect of an impairment loss in respect of a financial instrument; and

(b) recovery or reversal of an amount of the bad debt, doubtful debt or impairment loss is recognized by the person for a subsequent year of assessment,

the amount recovered or reversed is chargeable to tax for the subsequent year of assessment.

(5) If—

(a) 如該工具關乎某債項，而就確定該人於該債項出現之時所屬的評稅基期內的應評稅利潤時，該債項已作為營業收入而包括在內——該減值損失可容許扣除，但以該債項如此包括在內的款額為限；

(b) 如該工具關乎從事放債業務的人在香港從事放債的通常業務運作過程中貸出款項而構成的債項——該減值損失可容許扣除，但以該債項的款額為限；及

(c) 如屬其他情況——該減值損失不可扣除。 (4) 如——

(a) 有關的人先前就某課稅年度有以下情況—— (i) 根據第 16(1)(d)條，就關乎某金融工具的

壞帳或呆帳，獲容許扣除某款額；或 (ii) 根據第 (3)款，就關乎某金融工具的減值

損失，獲容許扣除某款額；及 (b) 就隨後的某課稅年度 (隨後課稅年度 )，該人

確認該壞帳、呆帳或減值損失的款額被追回或逆轉，

則該筆被追回或逆轉的款額，就隨後課稅年度應課稅。

(5) 如——

第 2部第 3條

Part 2Clause 3


C1948 C1949

(a) a financial instrument purchased or originated by the person is credit-impaired on initial recognition; and

(b) the instrument is on revenue account,

any impairment gain recognized by the person in respect of the instrument for a year of assessment is treated as the person’s trading receipt for the year.

(6) Subsection (7) or (8) applies if—

(a) the person (transferor), being a financial institution, transfers to another person (transferee)—

(i) a credit-impaired loan; with

(ii) a loss allowance, for an expected credit loss arising from that loan, that is made in accordance with the specified financial reporting standard;

(b) the transfer is not by way of a sale in the ordinary course of the transferor’s business; and

(c) in respect of the loss allowance made, a deduction of an amount was previously allowed to the transferor under section 16(1)(d) in respect of a bad debt or doubtful debt or under subsection (3) in respect of an impairment loss.

(7) If, on the date of the transfer referred to in subsection (6), both the transferor and the transferee are in the business of lending money in Hong Kong, the deduction referred to in subsection (6)(c) is treated as having been allowed to the transferee, despite any provision of this Part.

(8) If, on the date of the transfer referred to in subsection (6), the transferor or the transferee is, or

(a) 有關的人購買或發起的金融工具，於初始確認時，已產生信用減值；及

(b) 該工具屬營業項目，則該人就某課稅年度就該工具所確認的任何減值收益，須視為該人就該年度的營業收入。

(6) 第 (7)或 (8)款在以下情況下適用—— (a) 屬財務機構的某人 (轉讓人 )向另一人 (受讓人 )

轉讓—— (i) 一筆已產生信用減值的貸款；連同 (ii) 符合以下說明的損失準備：就該筆貸款

預期產生的信用損失而按照有關的指明財務報告準則所作出的；

(b) 該轉讓並非屬轉讓人在其通常業務運作過程中的售賣；及

(c) 就所作出的損失準備，轉讓人先前已根據第16(1)(d)條 (關乎壞帳或呆帳 )，或根據第 (3)款 (關乎減值損失 )，獲容許扣除某款額。

(7) 如在第 (6)款提述的轉讓當日，轉讓人及受讓人均在香港從事放債業務，則儘管本部條文有任何規定，第 (6)(c)款提述的扣除，仍須視為受讓人已獲容許的扣除。

(8) 如在第 (6)款提述的轉讓當日，轉讓人或受讓人 (或兩者 )並非在香港從事放債業務，則第 (6)(c)款提

第 2部第 3條

Part 2Clause 3


C1950 C1951

both are, not in the business of lending money in Hong Kong, the amount of deduction referred to in subsection (6)(c) is treated as the transferor’s trading receipt arising in or derived from Hong Kong from a trade, profession or business carried on by the transferor in Hong Kong and accruing on the date of the transfer.

18L. Financial instrument: special treatment of equity instrument, financial liability, embedded derivative, preference share, non-arm’s length loan, etc.

(1) This section applies in relation to a person to whom this section applies under section 18H for a year of assessment.

(2) If an equity instrument on revenue account of the person that is measured at fair value through other comprehensive income is disposed of during the basis period for a year of assessment (year of disposal)—

(a) a gain to the person that is derived from the disposal, including any cumulative gain recognized in other comprehensive income, is chargeable to tax for the year of disposal; and

(b) a loss to the person that is derived from the disposal, including any cumulative loss recognized in other comprehensive income, is allowable as a deduction for the year of disposal.

(3) Subsections (4) and (5) apply if a financial instrument—

(a) is on revenue account of the person and is a financial liability measured at fair value through profit or loss; and

述的扣除款額，須視為轉讓人在轉讓當日應累算的、因在香港經營某行業、專業或業務而於香港產生或得自香港的營業收入。

18L. 金融工具︰權益工具、金融負債、嵌入式衍生工具、優先股、非基於各自獨立利益的貸款等的特別處理

(1) 本條就以下的人而適用︰根據第 18H條就某課稅年度本條適用於該人。

(2) 如某權益工具在某課稅年度 (處置年度 )的評稅基期內被處置，而該權益工具屬有關的人的營業項目，並經其他綜合收益以公平價值衡量——

(a) 該人得自處置該權益工具的收益 (包括在其他綜合收益中確認的任何累計收益 )，就處置年度應課稅；及

(b) 該人在處置該權益工具時蒙受的虧損 (包括在其他綜合收益中確認的任何累計虧損 )，就處置年度可容許扣除。

(3) 第 (4)及 (5)款在以下情況下適用—— (a) 某金融工具屬有關的人的營業項目，並且是一

項經損益以公平價值衝量的金融負債；及

第 2部第 3條

Part 2Clause 3


C1952 C1953

(b) matures or is sold, bought back or redeemed (each an event) during the basis period for a year of assessment (event year).

(4) A gain to the person that is derived from the event, including any cumulative gain recognized in other comprehensive income, is chargeable to tax for the event year.

(5) A loss to the person that is derived from the event, including any cumulative loss recognized in other comprehensive income, is allowable as a deduction for the event year.

(6) If—

(a) the person issues a debt security;

(b) the debt security is issued with an embedded derivative to acquire shares or units in the person; and

(c) the embedded derivative is recognized as an equity component in accordance with—

(i) the Hong Kong Accounting Standard 32 (Financial Instruments: Presentation) issued by the Hong Kong Institute of Certified Public Accountants, as in force from time to time; or

(ii) the International Accounting Standard 32 (Financial Instruments: Presentation) issued by the International Accounting Standards Board, as in force from time to time,

(b) 該金融工具在某課稅年度 (事件年度 )的評稅基期內到期、或被出售、回購或贖回 (事件 )。

(4) 有關的人得自有關事件的收益 (包括在其他綜合收益中確認的任何累計收益 )，就事件年度應課稅。

(5) 有關的人從事件中蒙受的虧損 (包括在其他綜合收益中確認的任何累計虧損 )，就事件年度可容許扣除。

(6) 如—— (a) 有關的人發行債務證券； (b) 該債務證券連同嵌入式衍生工具一併發行，以

獲取該人的股份或權益單位；及 (c) 該嵌入式衍生工具按照以下會計原則，確認屬

權益成分—— (i) 由香港會計師公會發出的《香港會計準則

第 32號 (金融工具︰呈報 )》(此為 “Hong Kong Accounting Standard 32 (Financial Instruments: Presentation)”的譯名 )，按不時有效的版本為準；或

(ii) 由國際會計準則委員會發出的《國際會計準則第 32號 (金融工具︰呈報 )》(此為“International Accounting Standard 32 (Financial Instruments: Presentation)”的譯名 )，按不時有效的版本為準，

第 2部第 3條

Part 2Clause 3


C1954 C1955

the part of the interest, discount, premium or expense recognized by the person in respect of the debt security that is attributable to the embedded derivative is not deductible.

(7) Any interest, discount, premium or expense recognized by the person in respect of a preference share issued by the person is not deductible.

(8) Subsection (9) has effect without affecting the operation of sections 50AAF and 50AAK.

(9) If—

(a) the person is the lender or borrower of a loan or is the issuer or holder of a debt security; and

(b) the loan is made, or the debt security is issued, otherwise than at arm’s length to or by another person,

the amount of profit, gain, loss, income or expense in respect of the loan or debt security that is chargeable to tax, or allowable as a deduction, is the amount computed in accordance with the contractual terms of the loan or debt security.

(10) An amount of profit, gain, loss, income or expense recognized by the person in respect of a hedging instrument must be disregarded if—

(a) the hedging instrument is designated, under a hedging arrangement made in good faith, for the purpose of hedging against any risk associated with a hedged item; and

(b) the hedged item is on capital account.”.

則該人就該債務證券確認的利息、折扣、溢價或開支中可歸因於該嵌入式衍生工具的部分，均不可扣除。

(7) 有關的人就其所發行的優先股而確認的任何利息、折扣、溢價或開支，均不可扣除。

(8) 在不影響第 50AAF及 50AAK條的施行下，第 (9)款具有效力。

(9) 如—— (a) 有關的人是某筆貸款的放債人或借款人，或某

債務證券的發行人或持有人；及 (b) 該筆貸款並非按基於各自獨立利益而向另一人

發放或由另一人發放，或該債務證券並非按基於各自獨立利益而向另一人發行或由另一人發行，

則就該筆貸款或該債務證券而有的利潤、收益、虧損、入息或開支，所應課稅或可容許扣除的款額，為按照該筆貸款或該債務證券的合約條款計算的款額。

(10) 有關的人就對沖工具而確認的利潤、收益、虧損、入息或開支的款額，在以下情況下，須不予理會——

(a) 該對沖工具是在一項真誠地作出的對沖安排中被指明用作對沖與某被對沖項目有關聯的風險；及

(b) 該被對沖項目屬資本項目。”。

第 3部第 4條

Part 3Clause 4


C1956 C1957

Part 3

Amendments Relating to Interest Expense Payable to Overseas Export Credit Agency

4. Section 16 amended (ascertainment of chargeable profits)

(1) Section 16(3)—

Repeal the definition of overseas financial institution

Substitute

“overseas financial institution (海外財務機構)—

(a) means—

(i) a person carrying on the business of banking or deposit-taking outside Hong Kong; or

(ii) an overseas export credit agency; but

(b) excludes a person or organization that the Commissioner has, under subsection (4), determined is not recognized as an overseas financial institution;”.

(2) Section 16(3)—

Add in alphabetical order

“controlled entity (受控制實體) has the meaning given by section 50A;

export credit business (出口信貸業務), in relation to a jurisdiction, means the business of supporting and developing international trade by providing financing support to exporters or investors of that jurisdiction for export or investment activities outside that jurisdiction;

第 3部

關乎須支付予海外出口信貸機構的利息開支的修訂

4. 修訂第 16條 (應課稅利潤的確定 )

(1) 第 16(3)條——廢除海外財務機構的定義代以“海外財務機構 (overseas financial institution)——

(a) 指—— (i) 在香港以外地方經營銀行業務或接受存

款業務的人；或 (ii) 海外出口信貸機構；但

(b) 不包括局長根據第 (4)款而決定不予承認為海外財務機構的人或組織；”。

(2) 第 16(3)條——按筆劃數目順序加入“出口信貸業務 (export credit business)就某司法管轄區

而言，指符合以下說明的業務：為該司法管轄區的出口商或投資者的出口活動或在該司法管轄區以外的投資活動，提供財務支持，藉以支持和發展國際貿易；

受控制實體 (controlled entity)具有第 50A條所給予的涵義；

第 3部第 4條

Part 3Clause 4


C1958 C1959

governmental entity (政府實體), in relation to a jurisdiction, means—

(a) the government of the jurisdiction;

(b) the political subdivision of the jurisdiction, including a state, a province, a county and a municipality of the jurisdiction;

(c) a wholly owned agency or instrumentality of the jurisdiction, or of any entity mentioned in paragraph (a) or (b); or

(d) an integral part, controlled entity or political subdivision of the jurisdiction;

integral part (組成部分) has the meaning given by section 50A;

overseas export credit agency (海外出口信貸機構) means an organization that is owned by, or was established and is operated by, a governmental entity of a jurisdiction outside Hong Kong for the purposes of carrying on export credit business;”.

(3) Section 16—

Repeal subsection (4)

Substitute

“(4) The Commissioner may, for the purposes of this section, determine that any person or organization is not recognized as an overseas financial institution if the Commissioner is of the opinion that—

(a) in the case of a person carrying on the business of banking or deposit-taking outside Hong Kong—the business is not adequately supervised by a supervisory authority; or

政府實體 (governmental entity)就某司法管轄區而言，指——

(a) 該司法管轄區的政府； (b) 該司法管轄區的政治分部，包括該司法管轄區

的州、邦、省、郡、縣及市； (c) 該司法管轄區全權擁有的機關或部門，或 (a)

或 (b)段所述的任何實體全權擁有的機關或部門；或

(d) 該司法管轄區的組成部分、受控制實體或政治分部；

海外出口信貸機構 (overseas export credit agency)指為經營出口信貸業務而由某在香港以外的司法管轄區的政府實體擁有、或成立和營運的組織；

組成部分 (integral part)具有第 50A條所給予的涵義；”。 (3) 第 16條——

廢除第 (4)款代以

“(4) 局長如認為任何人或組織有以下情況，則可為本條的施行，而決定不承認該人或組織為海外財務機構——

(a) 如某人在香港以外地方經營銀行業務或接受存款業務——其業務未有受到監管當局的足夠監管；或

第 3部第 4條

Part 3Clause 4


C1960 C1961

(b) in the case of an organization that is an overseas export credit agency—the organization’s export credit business is not adequately monitored or regulated by the governmental entity by which the organization—

(i) is owned; or

(ii) was established and is operated.”.

(b) 如某組織屬海外出口信貸機構——其出口信貸業務未有受到符合以下說明的政府實體的足夠監察或規管——

(i) 擁有該組織的政府實體；或 (ii) 成立和營運該組織的政府實體。”。

第 4部第 5條

Part 4Clause 5


C1962 C1963

Part 4

Amendments Relating to Automatic Exchange of Financial Account Information in Tax Matters

5. Section 50A amended (interpretation)

(1) Section 50A(1)—

Repeal the definition of controlling person

Substitute

“controlling person (控權人), in relation to an entity—

(a) subject to paragraphs (b) and (c), means an individual who exercises control over the entity;

(b) if the entity is a trust—

(i) means an individual who is the settlor, trustee, protector (if any), enforcer (if any), or a beneficiary or a member of a class of beneficiaries, of the trust; or

(ii) if the settlor, trustee, protector, enforcer, or the beneficiary or the member of the class of beneficiaries, of the trust is another entity, means an individual who exercises control over that other entity; or

(c) if the entity is equivalent or similar to a trust (regardless of how the entity is described)—

(i) means an individual who, in relation to the entity, is in a position similar to the settlor, trustee, protector (if any), enforcer (if any), or a beneficiary or a member of a class of beneficiaries, of a trust; or

第 4部

關乎稅務事宜自動交換財務帳户資料的修訂

5. 修訂第 50A條 (釋義 )

(1) 第 50A(1)條——廢除控權人的定義代以“控權人 (controlling person)就某實體而言——

(a) 除 (b)及 (c)段另有規定外，指對該實體行使控制權的個人；

(b) 如該實體屬信託—— (i) 指符合以下說明的個人：該信託的財產

授予人、受託人、保護人 (如有的話 )、執行人 (如有的話 )、或受益人或某類別受益人的成員；或

(ii) (如該信託的財產授予人、受託人、保護人、執行人、或受益人或某類別受益人的成員是另一實體 )指對該另一實體行使控制權的個人；或

(c) 如該實體相等於或相類於信託 (不論如何描述該實體 )——

(i) 指符合以下說明的個人︰該人就該實體而言，是處於一個相類於信託的財產授予人、受託人、保護人 (如有的話 )、執行人 (如有的話 )、或受益人或某類別受益人的成員的位置；或

第 4部第 5條

Part 4Clause 5


C1964 C1965

(ii) if, in relation to the entity, another entity is in a position similar to the settlor, trustee, protector (if any), enforcer (if any), or a beneficiary or a member of a class of beneficiaries, of a trust—means an individual who exercises control over that other entity;”.


Repeal the definition of entity

Substitute

“entity (實體)—

(a) means—

(i) an entity, other than a natural person, that can establish a permanent customer relationship with a financial institution or otherwise own property; or

(ii) a legal arrangement; and

(b) includes a corporation, partnership and any other body of persons (incorporated or unincorporated) and a trust;

Note without legislative effect—

The definition of entity reflects the following—

(a) under the Common Reporting Standard and the CRS publications (both expressions are defined in section 50L(4)), entity covers a legal person and a legal arrangement; and

(b) under the FATF Recommendations (as defined in this section), legal person means an entity other than a natural person that can establish a permanent customer relationship with a financial institution or otherwise own property.”.


(ii) (如就該實體而言，有另一實體是處於一個相類於信託的財產授予人、受託人、保護人 (如有的話 )、執行人 (如有的話 )、或受益人或某類別受益人的成員的位置 )指對該另一實體行使控制權的個人；”。

(2) 第 50A(1)條——廢除實體的定義代以“實體 (entity)——

(a) 指—— (i) 某並非自然人的實體，而該實體可與某

財務機構建立永久的客户關係，或該實體本身可擁有財產；或

(ii) 某法律安排；及 (b) 包括法團、合夥及任何其他團體 (不論是否屬

法團 )及信託；以下附註不具立法效力——

實體的定義反映以下事宜——

(a) 根據共同匯報標準及共同匯報標準刊物 (第 50L(4)條對兩個詞句的涵義均有所界定 )，實體涵蓋法人及法律安排；及

(b) 根據《財務行動特別組織的建議》(本條所界定者 )，法人指某並非自然人的實體，而該實體可與某財務機構建立永久的客户關係，或該實體本身可擁有財產。”。

(3) 第 50A(1)條——

第 4部第 5條

Part 4Clause 5


C1966 C1967

Repeal the definition of pre-existing account

Substitute

“pre-existing account (先前帳户) means—

(a) a financial account of an account holder maintained by a reporting financial institution as at the following applicable date (old account)—

(i) if the institution is not a 2020-covered institution—31 December 2016;

(ii) if the institution is a 2020-covered institution—31 December 2019; or

(b) a financial account—

(i) that is a financial account of an account holder opened and maintained by a reporting financial institution on or after the following applicable date (subsequent account)—

(A) if the institution is not a 2020-covered institution—1 January 2017;

(B) if the institution is a 2020-covered institution—1 January 2020; and

(ii) in respect of which all of the following conditions are met—

(A) the account holder holds with the institution, or its related entity within Hong Kong, any old account;

(B) on the opening of the subsequent account, the institution (and, as applicable, its related entity within Hong Kong) treats the subsequent

廢除先前帳户的定義代以“先前帳户 (pre-existing account)指——

(a) 申報財務機構在以下適用日期所維持的某帳户持有人的財務帳户 (舊有帳户 )——

(i) 如該機構不屬 2020年涵蓋機構——2016年 12月 31日；

(ii) 如該機構屬 2020年涵蓋機構——2019年12月 31日；或

(b) 符合以下說明的財務帳户—— (i) 申報財務機構在以下適用日期或之後所

開立和維持的某帳户持有人的財務帳户(隨後帳户 )——

(A) 如該機構不屬 2020年涵蓋機構——2017年 1月 1日；

(B) 如該機構屬 2020 年涵蓋機構——2020年 1月 1日；及

(ii) 符合以下所有條件—— (A) 該帳户持有人在該機構、或該機構

在香港境內的有關連實體，持有任何舊有帳户；

(B) 在該隨後帳户開立時，該機構 (及如適用的話，該機構在香港境內的有

第 4部第 5條

Part 4Clause 5


C1968 C1969

account and the following financial accounts as a single financial account—

(I) one or more old accounts of the account holder maintained by the institution or its related entity within Hong Kong; and

(II) if there exist one or more subsequent accounts that are treated as pre-existing accounts because all of the conditions in this sub-subparagraph and sub-subparagraphs (C), (D) and (E) are met—all of the subsequent accounts that are so treated;

(C) the institution (and, as applicable, its related entity within Hong Kong) acts in the way described in sub-subparagraph (B) for the purposes of—

(I) satisfying the requirement set out in section 2 of Part 7 of Schedule 17D; and

(II) calculating the balance or value of any of the accounts mentioned in that sub-subparagraph to determine any of the account thresholds;

(D) the subsequent account is subject to AML/KYC procedures and the institution is permitted to carry out such AML/KYC procedures for the

關連實體 )將該隨後帳户及以下的財務帳户，視為單一財務帳户——

(I) 該機構 (或該機構在香港境內的有關連實體 )所維持的該帳户持有人的一個或多於一個舊有帳户；及

(II) 如因本分節及 (C)、(D) 及 (E)分節的所有條件均獲符合，而有一個或多於一個隨後帳户被視為先前帳户——所有該等如此被視為先前帳户的隨後帳户；

(C) 該機構 (及如適用的話，該機構在香港境內的有關連實體 )以 (B)分節所描述的方式行事，是為了——

(I) 符合附表 17D第 7部第 2條所列的規定；及

(II) 計算該分節所述的任何帳户的結餘或價值，以釐定任何帳户門檻；

(D) 該隨後帳户受打擊洗錢暨認識客户程序所規限，而該機構獲准藉倚賴

第 4部第 5條

Part 4Clause 5


C1970 C1971

subsequent account by relying on the AML/KYC procedures carried out for the old account mentioned in sub- subparagraph (B)(I);

(E) on the opening of the subsequent account, no new, additional or amended customer information is required to be provided by the account holder other than for the purpose of complying with sections 50B, 50C, 50F and 50G;”.


Repeal the definition of reporting year

Substitute

“reporting year (申報年), in relation to a reportable jurisdiction—

(a) in relation to a reporting financial institution that is not a 2020-covered institution—means the year specified in column 2 of Part 1 of Schedule 17E opposite that jurisdiction; or

(b) in relation to a reporting financial institution that is a 2020-covered institution—means the later of the following—

(i) the year specified in column 2 of Part 1 of Schedule 17E opposite that jurisdiction;

(ii) 2021;”.

(5) Section 50A(1), before the definition of account holder—

Add

“2020-covered institution (2020年涵蓋機構) means a reporting financial institution that is—

(B)(I)分節所述的舊有帳户進行的該程序，對該隨後帳户進行該程序；

(E) 在該隨後帳户開立時，該帳户持有人無須提供新的、額外的或經修訂的客户資料，但為遵守第 50B、50C、50F及50G條而提供者除外；”。

(4) 第 50A(1)條——廢除申報年的定義代以“申報年 (reporting year)就某申報稅務管轄區而言——

(a) 就不屬 2020年涵蓋機構的申報財務機構而言——指在附表 17E第 1部第 2欄中與該管轄區相對之處指明的年份；或

(b) 就屬 2020年涵蓋機構的申報財務機構而言——指以下日期中的較遲者——

(i) 在附表 17E第 1部第 2欄中與該管轄區相對之處指明的年份；

(ii) 2021；”。 (5) 第 50A(1)條，在中央銀行的定義之前——

加入“2020年涵蓋機構 (2020-covered institution)指符合以下

說明的申報財務機構——

第 4部第 5條

Part 4Clause 5


C1972 C1973

(a) a mandatory provident fund scheme registered under the Mandatory Provident Fund Schemes Ordinance (Cap. 485) (MPF scheme);

(b) an occupational retirement scheme registered under the Occupational Retirement Schemes Ordinance (Cap. 426) (ORSO scheme);

(c) a pooling agreement as defined by section 2(4) of the Occupational Retirement Schemes Ordinance (Cap. 426) that only applies to 2 or more participating ORSO schemes;

(d) an approved pooled investment fund as defined by section 2 of the Mandatory Provident Fund Schemes (General) Regulation (Cap. 485 sub. leg. A), in which only either or both of the following schemes are invested—

(i) MPF schemes;

(ii) ORSO schemes; or

(e) a credit union registered under the Credit Unions Ordinance (Cap. 119);”.


Add in alphabetical order

“FATF Recommendations (《財務行動特別組織的建議》) means the International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation—the FATF Recommendations, as adopted by the Financial Action Task Force Plenary in February 2012 incorporating updates made up to February 2018;”.

(7) Section 50A(6)(c)(iii)—

Repeal

(a) 根據《強制性公積金計劃條例》(第 485章 )註冊的強制性公積金計劃 (強積金計劃 )；

(b) 根據《職業退休計劃條例》(第 426章 )註冊的職業退休計劃 (職業退休計劃 )；

(c) 《職業退休計劃條例》(第 426章 )第 2(4)條所界定的滙集協議，而該滙集協議只適用於兩個或多於兩個參與的職業退休計劃；

(d) 《強制性公積金計劃 (一般 )規例》(第 485章，附屬法例 A)第 2條所界定的核准匯集投資基金，但前提是投資於該基金的所有投資，只來自以下一類或兩類計劃——

(i) 強積金計劃； (ii) 職業退休計劃；或

(e) 根據《儲蓄互助社條例》(第 119章 )註冊的儲蓄互助社；”。

(6) 第 50A(1)條——按筆劃數目順序加入“《財務行動特別組織的建議》 (FATF Recommendations)

指財務行動特別組織全體代表會議在 2012年 2月所採納的《打擊洗錢及恐怖分子與武器擴散資金籌集的國際標準——財務行動特別組織的建議》(此為 “International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation—the FATF Recommendations”的譯名 ) (收納截至 2018年 2月的更新 )；”。

(7) 第 50A(6)(c)(iii)條——廢除

第 4部第 5條

Part 4Clause 5


C1974 C1975

“; or”

Substitute a semicolon.

(8) Section 50A(6)(c)—

Repeal subparagraph (iv)

Substitute

“(iv) is the trustee of the entity;

(v) is a beneficiary or a member of a class of beneficiaries of the entity; or

(vi) has ultimate control over the entity; or”.

(9) Section 50A—

Repeal subsection (8).

(10) Before section 50A(13)(a)—

Add

“(aa) subject to paragraphs (a) and (b), paragraphs (d) and (e) of the definition must be interpreted in a way consistent with the way in which similar provisions in the definition of financial institution in the FATF Recommendations are interpreted;”.

(11) Section 50A(15)(a), before “where”—

Add

“subject to paragraph (d) and”.

(12) Section 50A(15)(b)(iii)—

Repeal

“; or”

Substitute a semicolon.

(13) Section 50A(15)(c), before “where”—

Add

“；或”

代以分號。 (8) 第 50A(6)(c)條——

廢除第 (iv)節代以

“(iv) 該名個人是該實體的受託人； (v) 該名個人是該實體的受益人或該類別受益人的成

員；或 (vi) 該名個人對該實體有最終控制權；或”。

(9) 第 50A條——廢除第 (8)款。

(10) 在第 50A(13)(a)條之前——加入

“(aa) 在不抵觸 (a)及 (b)段的前提下，該定義的 (d)及 (e)段的解釋方式，須與在《財務行動特別組織的建議》中財務機構的定義中的相類條文的解釋方式相符；”。

(11) 第 50A(15)(a)條，在 “凡”之前——加入“在符合 (d)段的規定下，”。

(12) 第 50A(15)(b)(iii)條——廢除“；或”

代以分號。 (13) 第 50A(15)(c)條，在 “凡”之前——

加入

第 4部第 6條

Part 4Clause 6


C1976 C1977

“subject to paragraph (d) and”.

(14) Section 50A(15)(c)—

Repeal the full stop

Substitute

“; or”.

(15) After section 50A(15)(c)—

Add

“(d) where the financial institution (other than a trust) is not subject to taxation as a resident in any territory—

(i) it is incorporated in Hong Kong or constituted under the laws of Hong Kong;

(ii) it has its place of management (including effective management) in Hong Kong; or

(iii) it is subject to financial supervision in Hong Kong.”.

(16) After section 50A(16)—

Add

“(16A) The Secretary for Financial Services and the Treasury may, by notice published in the Gazette, amend any of the following—

(a) the definition of FATF Recommendations in subsection (1);

(b) the percentage in subsection (7).”.

6. Section 50L added

Part 8A, after section 50K—

Add

“在符合 (d)段的規定下，”。 (14) 第 50A(15)(c)條——

廢除句號代以“；或”。

(15) 在第 50A(15)(c)條之後——加入

“(d) 凡該機構 (信託除外 )無須在任何地區作為居民而繳付稅項——

(i) 該機構是在香港成立為法團或根據香港法律組成；

(ii) 該機構在香港設有管理場所 (包括實際管理機構 )；或

(iii) 該機構在香港受金融監管。”。 (16) 在第 50A(16)條之後——

加入 “(16A) 財經事務及庫務局局長可藉在憲報刊登的公告，修

訂以下任何項目—— (a) 第 (1)款中《財務行動特別組織的建議》的定義； (b) 第 (7)款所指的百分率。”。

6. 加入第 50L條第 8A部，在第 50K條之後——

加入

第 4部第 6條

Part 4Clause 6


C1978 C1979

“50L. Guidelines published by Commissioner

(1) The Commissioner may publish, in the Gazette or in any way the Commissioner considers appropriate, guidelines that the Commissioner considers necessary for providing guidance on the interpretation of the Part 8A-related provisions to best secure consistency between—

(a) the effect given to the Part 8A-related provisions; and

(b) the effect that, in accordance with the CRS publications, is to be given to the Common Reporting Standard.

(2) A failure on the part of a person to comply with the provisions of any guideline published under this section does not by itself render the person liable to any proceedings, whether before a court or otherwise, but in any proceedings under this Ordinance before a court—

(a) the guideline is admissible in evidence; and

(b) if any provision of the guideline appears to the court to be relevant to the interpretation of any Part 8A-related provisions or relevant to any question arising in the proceedings, the provision of the guideline must be taken into account in interpreting the Part 8A-related provisions or in determining that question.

(3) A guideline published under this section is not subsidiary legislation.

(4) In this section—

Common Reporting Standard (共同匯報標準) means the Common Reporting Standard contained in the

“50L. 局長公布的指引 (1) 局長可藉在憲報，或以局長認為合適的其他方式，

公布局長認為必要的指引，為第 8A部相關條文的解釋提供導引，從而最能確保以下兩者相符——

(a) 給予第 8A部相關條文的效力；及 (b) 按照共同匯報標準刊物，須給予共同匯報標準

的效力。 (2) 如任何人沒有遵守根據本條公布的指引的條文，此

事本身不會令致該人可在任何法律程序 (不論是否在法院進行 )中被起訴，但在根據本條例提起而於法院進行的法律程序中——

(a) 該指引可獲接納為證據；及 (b) 如該法院覺得該指引的條文，攸關第 8A部相

關條文的解釋或該法律程序中產生的任何問題，該法院在解釋第 8A部相關條文或裁斷該問題時，須考慮該指引的條文。

(3) 根據本條公布的指引不是附屬法例。 (4) 在本條中——

共同匯報標準 (Common Reporting Standard)指由經濟合作與發展組織在 2017年 3月 27日公布的《就稅

第 4部第 7條

Part 4Clause 7


C1980 C1981

Standard for Automatic Exchange of Financial Account Information in Tax Matters (Second Edition), published by the Organisation for Economic Co-operation and Development on 27 March 2017;

CRS publications (共同匯報標準刊物) means—

(a) the Commentaries on the Common Reporting Standard contained in the Standard for Automatic Exchange of Financial Account Information in Tax Matters (Second Edition), published by the Organisation for Economic Co-operation and Development on 27 March 2017; and

(b) the Standard for Automatic Exchange of Financial Information in Tax Matters—Implementation Handbook (Second Edition), published by the Organisation for Economic Co-operation and Development in April 2018;

Part 8A-related provisions (第8A部相關條文) means any provisions of Part 8A and Schedules 17C, 17D and 17E.

(5) The Secretary for Financial Services and the Treasury may, by notice published in the Gazette, amend the definitions of Common Reporting Standard and CRS publications in subsection (4).”.

7. Schedule 17C amended (non-reporting financial institutions and excluded accounts)

(1) Schedule 17C—

Repeal

“& 50J]”

Substitute

務事宜自動交換財務帳户資料的標準 (第 2版 )》(此為 “Standard for Automatic Exchange of Financial Account Information in Tax Matters (Second Edition)”的譯名 )中所載的共同匯報標準；

共同匯報標準刊物 (CRS publications)指—— (a) 由經濟合作與發展組織在 2017年 3月 27日公

布的《就稅務事宜自動交換財務帳户資料的標準 (第 2版 )》中所載的、有關共同匯報標準的評註；及

(b) 由經濟合作與發展組織在 2018年 4月公布的《就稅務事宜自動交換財務資料的標準——執行手冊 (第 2版 )》(此為 “Standard for Automatic Exchange of Financial Information in Tax Matters—Implementation Handbook (Second Edition)”的譯名 )；

第 8A部相關條文 (Part 8A-related provisions)指第 8A部及附表 17C、17D及 17E的任何條文。

(5) 財經事務及庫務局局長可藉在憲報刊登的公告，修訂第 (4)款中共同匯報標準及共同匯報標準刊物的定義。”。

7. 修訂附表 17C (免申報財務機構及豁除帳户 )

(1) 附表 17C——廢除“及 50J條 ]”

代以

第 4部第 8條

Part 4Clause 8


C1982 C1983

“, 50J & 50L(4)]”.

(2) Schedule 17C, Part 2—

Repeal sections 12 and 13.

8. Schedule 17D amended (due diligence requirements)

(1) Schedule 17D—

Repeal

“[ss. 2(1), 50A(1) & (2), 50B(1), 50J”

Substitute

“[ss. 2(1), 50A(1) & (2), 50B(1), 50J, 50L(4)”.

(2) Schedule 17D, Part 1, section 1—

Repeal the definition of new account

Substitute

“new account (新帳户) means a financial account opened and maintained by a reporting financial institution on or after—

(a) if the institution is not a 2020-covered institution—1 January 2017; or

(b) if the institution is a 2020-covered institution—1 January 2020;”.

(3) Schedule 17D, Part 1, section 1, before the definition of account holder—

Add

“2020-covered institution (2020年涵蓋機構) has the meaning given by section 50A;”.

9. Schedule 17E amended (reportable jurisdictions and participating jurisdictions)

(1) Schedule 17E—

“、50J及 50L(4)條 ]”。 (2) 附表 17C，第 2部——

廢除第 12及 13條。

8. 修訂附表 17D (盡職審查規定 )

(1) 附表 17D——廢除“[第 2(1)、50A(1)及 (2)、50B(1)、50J”

代以“[第 2(1)、50A(1)及 (2)、50B(1)、50J、50L(4)”。

(2) 附表 17D，第 1部，第 1條——廢除新帳户的定義代以“新帳户 (new account)指在以下日期或之後由申報財務

機構所開立和維持的財務帳户—— (a) 如該機構不屬 2020年涵蓋機構——2017年 1

月 1日；或 (b) 如該機構屬 2020年涵蓋機構——2020年 1月

1日；”。 (3) 附表 17D，第 1部，第 1條，在文件證據的定義之前——

加入“2020年涵蓋機構 (2020-covered institution)具有第 50A

條所給予的涵義；”。

9. 修訂附表 17E (申報稅務管轄區及參與稅務管轄區 )

(1) 附表 17E——

第 4部第 9條

Part 4Clause 9


C1984 C1985

Repeal

“[ss. 50A(1) & 50J”

Substitute

“[ss. 50A(1), 50J & 50L(4)”.

(2) Schedule 17E, Part 1—

Repeal everything after the heading and before the Note

Substitute “Column 1 Column 2

Reportable jurisdiction Reporting year

Albania, Republic of 2021

Andorra, Principality of 2021

Anguilla 2021

Antigua and Barbuda 2018

Argentina, Republic of 2018

Armenia, Republic of 2021

Aruba 2021

Australia, Commonwealth of 2018

Austria, Republic of 2018

Azerbaijan, Republic of 2021

Bahamas, Commonwealth of the 2018

Bahrain, Kingdom of 2021

Barbados 2021

Belgium, Kingdom of 2018

Belize 2021

Bermuda 2021

廢除“及 50J條 ]”

代以“、50J及 50L(4)條 ]”。

(2) 附表 17E，第 1部——廢除在標題之後而在附註之前的所有字句代以

“第 1欄第 2欄申報稅務管轄區申報年

土耳其共和國 2018

大不列顛及北愛爾蘭聯合王國 2018

大韓民國 2019

中國內地 2018

丹麥王國 2018

巴巴多斯 2021

巴西聯邦共和國 2018

巴拉圭共和國 2021

巴林王國 2021

巴哈馬國 2018

巴拿馬共和國 2021

巴基斯坦伊斯蘭共和國 2021

文萊達魯薩蘭國 2018

日本國 2018

比利時王國 2018

毛里求斯共和國 2018

第 4部第 9條

Part 4Clause 9


C1986 C1987

Column 1 Column 2


Brazil, Federative Republic of 2018

British Virgin Islands 2021

Brunei Darussalam 2018

Bulgaria, Republic of 2018

Burkina Faso 2021

Cameroon, Republic of 2021

Canada 2018

Cayman Islands 2018

Chile, Republic of 2018

China, Mainland of 2018

Colombia, Republic of 2018

Cook Islands 2021

Costa Rica, Republic of 2018

Croatia, Republic of 2018

Curacao, Country of 2018

Cyprus, Republic of 2018

Czech Republic 2018

Denmark, Kingdom of 2018

Dominica, Commonwealth of 2021

Dominican Republic 2021

El Salvador, Republic of 2021

Estonia, Republic of 2018

Faroes 2018

第 1欄第 2欄申報稅務管轄區申報年

牙買加 2021

以色列國 2018

加拿大 2018

加納共和國 2021

加蓬共和國 2021

卡塔爾國 2018

尼日利亞聯邦共和國 2021

布基納法索 2021

瓦努阿圖共和國 2018

立陶宛共和國 2018

冰島共和國 2018

列支敦士登公國 2018

匈牙利共和國 2018

印度尼西亞共和國 2018

印度共和國 2018

危地馬拉共和國 2021

多米尼加共和國 2021

多米尼克國 2021

安圭拉島 2021

安提瓜和巴布達 2018

安道爾公國 2021

百慕達 2021

西班牙王國 2018

第 4部第 9條

Part 4Clause 9


C1988 C1989

Column 1 Column 2


Finland, Republic of 2018

French Republic 2018

Gabonese Republic 2021

Georgia 2021

Germany, Federal Republic of 2018

Ghana, Republic of 2021

Gibraltar 2018

Greenland 2018

Grenada 2018

Guatemala, Republic of 2021

Guernsey 2018

Hellenic Republic (Greece) 2018

Hungary, Republic of 2018

Iceland, Republic of 2018

India, Republic of 2018

Indonesia, Republic of 2018

Ireland 2018

Isle of Man 2018

Israel, State of 2018

Italian Republic 2018

Jamaica 2021

Japan 2018

Jersey 2018


伯利茲 2021

克羅地亞共和國 2018

利比里亞共和國 2021

希臘共和國 2018

沙特阿拉伯王國 2018

亞美尼亞共和國 2021

拉脫維亞共和國 2018

法羅群島 2018

法蘭西共和國 2018

波蘭共和國 2018

直布羅陀 2018

肯尼亞共和國 2021

芬蘭共和國 2018

阿拉伯聯合酋長國 2018

阿根廷共和國 2018

阿塞拜疆共和國 2021

阿爾巴尼亞共和國 2021

阿魯巴 2021

保加利亞共和國 2018

俄羅斯聯邦 2018

南非共和國 2018

哈薩克斯坦共和國 2021

科威特國 2018

第 4部第 9條

Part 4Clause 9


C1990 C1991

Column 1 Column 2


Kazakhstan, Republic of 2021

Kenya, Republic of 2021

Korea, Republic of 2019

Kuwait, State of 2018

Latvia, Republic of 2018

Lebanon, Republic of 2018

Liberia, Republic of 2021

Liechtenstein, Principality of 2018

Lithuania, Republic of 2018

Luxembourg, Grand Duchy of 2018

Macao Special Administrative Region

2021

Macedonia, Republic of 2021

Malaysia 2018

Maldives, Republic of 2021

Malta 2018

Marshall Islands, Republic of the 2021

Mauritius, Republic of 2018

Moldova, Republic of 2021

Monaco, Principality of 2021

Montserrat 2018

Morocco, Kingdom of 2021

Nauru, Republic of 2021

Netherlands, Kingdom of the 2018


突尼斯共和國 2021

英屬維爾京群島 2021

哥倫比亞共和國 2018

哥斯達黎加共和國 2018

庫克群島 2021

庫拉索 2018

挪威王國 2018

根西島 2018

格林納達 2018

格陵蘭 2018

格魯吉亞 2021

烏干達共和國 2021

烏克蘭 2021

烏拉圭東岸共和國 2018

特立尼達和多巴哥共和國 2021

特克斯和凱科斯群島 2021

秘魯共和國 2021

紐埃 2021

馬耳他 2018

馬來西亞 2018

馬其頓共和國 2021

馬紹爾群島共和國 2021

馬爾代夫共和國 2021

第 4部第 9條

Part 4Clause 9


C1992 C1993

Column 1 Column 2


New Zealand 2018

Nigeria, Federal Republic of 2021

Niue 2021

Norway, Kingdom of 2018

Pakistan, Islamic Republic of 2021

Panama, Republic of 2021

Paraguay, Republic of 2021

Peru, Republic of 2021

Philippines, Republic of the 2021

Poland, Republic of 2018

Portuguese Republic 2018

Qatar, State of 2018

Romania 2018

Russian Federation 2018

Saint Kitts and Nevis, Federation of

2021

Saint Lucia 2021

Saint Vincent and the Grenadines 2018

Samoa, Independent State of 2021

San Marino, Republic of 2021

Saudi Arabia, Kingdom of 2018

Senegal, Republic of 2021

Seychelles, Republic of 2018

Singapore, Republic of 2018


捷克共和國 2018

荷蘭王國 2018

喀麥隆共和國 2021

斯洛文尼亞共和國 2018

斯洛伐克共和國 2018

智利共和國 2018

萌島 2018

菲律賓共和國 2021

開曼群島 2018

塞內加爾共和國 2021

塞舌爾共和國 2018

塞浦路斯共和國 2018

奧地利共和國 2018

意大利共和國 2018

愛沙尼亞共和國 2018

愛爾蘭 2018

新加坡共和國 2018

新西蘭 2018

瑞士聯邦 2018

瑞典王國 2018

瑙魯共和國 2021

聖文森特和格林納丁斯 2018

聖馬丁島 2021

第 4部第 9條

Part 4Clause 9


C1994 C1995

Column 1 Column 2


Sint Maarten 2021

Slovak Republic 2018

Slovenia, Republic of 2018

South Africa, Republic of 2018

Spain, Kingdom of 2018

Sweden, Kingdom of 2018

Swiss Confederation 2018

Trinidad and Tobago, Republic of 2021

Tunisia, Republic of 2021

Turkey, Republic of 2018

Turks and Caicos Islands 2021

Uganda, Republic of 2021

Ukraine 2021

United Arab Emirates 2018

United Kingdom of Great Britain and Northern Ireland

2018

United Mexican States 2018

Uruguay, Oriental Republic of 2018

Vanuatu, Republic of 2018”.


聖馬力諾共和國 2021

聖基茨和尼維斯聯邦 2021

聖盧西亞 2021

葡萄牙共和國 2018

蒙特塞拉特島 2018

德意志聯邦共和國 2018

摩洛哥王國 2021

摩納哥公國 2021

摩爾多瓦共和國 2021

黎巴嫩共和國 2018

墨西哥合眾國 2018

澤西島 2018

澳大利亞聯邦 2018

澳門特別行政區 2021

盧森堡大公國 2018

薩爾瓦多共和國 2021

薩摩亞獨立國 2021

羅馬尼亞 2018”。

第 5部第 10條

Part 5Clause 10


C1996 C1997

Part 5

Amendments Relating to Income of Visiting Teacher or Researcher

10. Section 8 amended (charge of salaries tax)

(1) Section 8(1A)(b), before “excludes”—

Add

“subject to subsection (1AB),”.

(2) After section 8(1A)—

Add

“(1AB) If—

(a) a person’s income is derived from services rendered by the person as a visiting teacher or researcher in a territory outside Hong Kong (territory);

(b) the double taxation arrangements made with that territory provide for exemption from tax in that territory on income derived from services rendered as a visiting teacher or researcher in that territory (the provision is referred to as exemption provision); and

(c) the person is or, immediately before visiting that territory as a visiting teacher or researcher, was a Hong Kong resident person,

subsection (1A)(b) applies to the income referred to in paragraph (a) only if the person proves to the Commissioner’s satisfaction that, despite the exemption provision, tax is paid or payable in that territory in respect of the income.”.

第 5部

關乎外訪教師或研究人員的入息的修訂

10. 修訂第 8條 (薪俸稅的徵收 )

(1) 第 8(1A)(b)條，在 “不包括”之前——加入“除第 (1AB)款另有規定外，”。

(2) 在第 8(1A)條之後——加入

“(1AB) 如—— (a) 某人的入息是得自該人在香港以外的地區 (地

區 )作為外訪教師或研究人員而提供的服務； (b) 與該地區訂立的雙重課稅安排，有條文規定在

該地區可獲豁免就符合以下說明的入息繳付稅款：該入息是得自在該地區作為外訪教師或研究人員而提供的服務 (該條文稱為豁免條文 )；及

(c) 該人是香港居民人士，或該人在緊接其作為外訪教師或研究人員前往該地區之前，是香港居民人士，

第 (1A)(b)款適用於 (a)段提述的入息，但前提是該人提出證明而令局長信納，儘管有該豁免條文，該人就該入息在該地區已繳付或須繳付稅款。”。

第 5部第 10條

Part 5Clause 10


C1998 C1999

(3) After section 8(1C)—

Add

“(1D) In subsections (1AB) and (1C)—

double taxation arrangements (雙重課稅安排) has the meaning given by section 48A;

Hong Kong resident person (香港居民人士) has the meaning given by section 48A;

visiting teacher or researcher (外訪教師或研究人員), in relation to a territory outside Hong Kong, means a person who visits that territory and is present in that territory for the sole or primary purpose of teaching or conducting research at an educational institution or scientific research institution (including a university, college or school) in that territory.”.

(3) 在第 8(1C)條之後——加入

“(1D) 在第 (1AB)及 (1C)款中——外訪教師或研究人員 (visiting teacher or researcher)就在

香港以外的某地區而言，指某人前往該地區，並停留在該地區，純粹或主要是為了在該地區的教育機構或科學研究機構 (包括大學、學院或學校 )，從事教學或進行研究；

香港居民人士 (Hong Kong resident person)具有第 48A條所給予的涵義；

雙重課稅安排 (double taxation arrangements)具有第48A條所給予的涵義。”。

第 6部第 11條

Part 6Clause 11


C2000 C2001

Part 6

Amendment Relating to Sibling Relationship

11. Section 30B amended (dependent brother or dependent sister allowance)

Section 30B(3)—

Repeal paragraph (b)

Substitute

“(b) brother or sister or brother or sister of the spouse (兄弟姊妹或配偶的兄弟姊妹), in relation to a person, means—

(i) a brother of full or half blood or sister of full or half blood of the person or the spouse of the person;

(ii) an adopted brother or adopted sister of the person or the spouse;

(iii) a step brother or step sister of the person or the spouse;

(iv) if the person or the spouse is adopted—a natural child of an adoptive parent of the person or the spouse; or

(v) if the spouse is deceased—a person who would have been the brother or sister of the spouse under subparagraph (i), (ii), (iii) or (iv) if the spouse had not died.”.

第 6部

關乎兄弟姊妹關係的修訂

11. 修訂第 30B條 (供養兄弟姊妹免稅額 )

第 30B(3)條——廢除 (b)段代以

“(b) 兄弟姊妹或配偶的兄弟姊妹 (brother or sister or brother or sister of the spouse)就某人而言，指——

(i) 該人的或其配偶的同胞兄弟姊妹，或該人的或其配偶的同父異母或同母異父的兄弟姊妹；

(ii) 該人的或其配偶的父母的領養子女 (如該人或其配偶是受領養者，則該人或其配偶除外 )；

(iii) 該人的或其配偶的繼父或繼母的子女 (該人及其配偶除外 )；

(iv) 如該人或其配偶是受領養者——該人的或其配偶的養父或養母的親生子女；或

(v) 如配偶已故——若非該配偶已故，則會因第(i)、(ii)、(iii)或 (iv)節的規定而是該配偶的兄弟姊妹的人。”。

第 7部第 12條

Part 7Clause 12


C2002 C2003

第 7部

過渡條文

12. 修訂第 89條 (過渡性條文 )

第 89條——加入

“(24) 為施行《2018年稅務 (修訂 ) (第 7號 )條例》(2018年第　　號 )對本條例所作的修訂而具有效力的過渡條文，列於附表 48。”。

13. 加入附表 48

條例——加入

“附表 48

[第 89(24)條 ]

關於《2018年稅務 (修訂 ) (第 7號 )條例》的過渡條文

1. 釋義在本附表中——生效日期 (commencement date)指《修訂條例》在憲報刊

登的日期；

Part 7

Transitional Provisions

12. Section 89 amended (transitional provisions)

Section 89—

Add

“(24) Schedule 48 sets out transitional provisions that have effect for the purposes of amendments to this Ordinance made by the Inland Revenue (Amendment) (No. 7) Ordinance 2018 ( of 2018).”.

13. Schedule 48 added

The Ordinance—

Add

“Schedule 48

[s. 89(24)]

Transitional Provisions for Inland Revenue (Amendment) (No. 7) Ordinance 2018

1. Interpretation

In this Schedule—

Amendment Ordinance (《修訂條例》) means the Inland Revenue (Amendment) (No. 7) Ordinance 2018 ( of 2018);

第 7部第 13條

Part 7Clause 13


C2004 C2005

《修訂條例》 (Amendment Ordinance)指《2018年稅務 (修訂 ) (第 7號 )條例》(2018年第號 )。

2. 金融工具的稅務處理就評稅基期始於 2018年 1月 1日當日或之後的課稅年度而言，第 18G、18H、18I、18J、18K及 18L條適用。

3. 須支付予海外出口信貸機構的利息開支就於生效日期當日或之後累算產生的利息而言，《修訂條例》對第 16條作出的修訂適用。

4. 外訪教師或研究人員的入息就始於 2019年 4月 1日當日或之後的課稅年度而言，《修訂條例》對第 8條作出的修訂適用。

5. 兄弟姊妹關係就始於 2019年 4月 1日當日或之後的課稅年度而言，《修訂條例》對第 30B條作出的修訂適用。”。

commencement date (生效日期) means the day on which the Amendment Ordinance is published in the Gazette.

2. Tax treatment of financial instruments

Sections 18G, 18H, 18I, 18J, 18K and 18L apply in relation to a year of assessment for which the basis period begins on or after 1 January 2018.

3. Interest expense payable to overseas export credit agency

The amendments made to section 16 by the Amendment Ordinance apply to interest accruing on or after the commencement date.

4. Income of visiting teacher or researcher

The amendments made to section 8 by the Amendment Ordinance apply in relation to a year of assessment beginning on or after 1 April 2019.

5. Sibling relationship

The amendment made to section 30B by the Amendment Ordinance applies in relation to a year of assessment beginning on or after 1 April 2019.”.


C2006 C2007摘要說明第 1段

Explanatory MemorandumParagraph 1

摘要說明

本條例草案旨在修訂《稅務條例》(第 112章 ) (《條例》)—— (a) 令金融工具的稅務處理在某些情況下，與其會計處

理一致； (b) 就須支付予海外出口信貸機構的利息開支的扣除，

訂定條文； (c) 完善實施就稅務事宜自動交換財務帳户資料的安排

(自動交換資料安排 )的條文； (d) 避免可能出現的、關乎外訪教師的入息及外訪研究

人員的入息的雙重不課稅情況；及 (e) 修訂兄弟姊妹關係的涵義。

令金融工具的稅務處理與其會計處理一致

2. 香港及國際財務報告準則均規定，企業在某些情況下，須將金融工具按公平價值基準入帳 (即該工具變現所得的利潤及尚未變現的利潤，均須計入財務報表內 )。草案第 3條在《條例》加入新訂第 18G至 18L條，訂明金融工具在利得稅方面的處理，與其會計處理一致。

3. 新訂第 18I至 18L條適用於符合以下說明的納稅人：該人跟從某指明財務報告準則，並選擇上述新訂條文對其適用 (參閱新訂第 18H條 )。

Explanatory Memorandum

The object of this Bill is to amend the Inland Revenue Ordinance (Cap. 112) (Ordinance)—

(a) to align tax treatment of financial instruments with their accounting treatment in certain circumstances;

(b) to provide for deduction of interest expenses payable to overseas export credit agencies;

(c) to refine the provisions that implement the arrangement relating to automatic exchange of financial account information in tax matters (AEOI arrangement);

(d) to avoid potential double non-taxation of income of visiting teachers and researchers; and

(e) to revise the meaning of the sibling relationship.

Aligning tax treatment of financial instruments with their accounting treatment

2. Hong Kong and international financial reporting standards require enterprises to account for financial instruments on a fair value basis (that is, both realized and unrealized profits of the instruments have to be accounted for in the financial statements) in certain circumstances. Clause 3 adds new sections 18G to 18L to the Ordinance to provide for the alignment of the treatment of financial instruments for profits tax purpose with their accounting treatment.

3. The new sections 18I to 18L apply to a taxpayer who follows a specified financial reporting standard and elects that those new sections apply to the taxpayer (see the new section 18H).




4. 新訂第 18I條解釋在釐定任何利潤、收益、虧損、入息或開支是否應課稅或可容許扣除時，新訂第 18J、18K及 18L條對第 4部其他條文的效力 (第 4部其他條文即新訂第 18G至18L條以外的《條例》第 4部條文 )。總括而言——

(a) 為《條例》第 4部的施行，儘管有第 4部其他條文的規定，利潤並不只限於變現所得的利潤。在某些情況下，在評定利得稅時，金融工具的公平價值的變動，亦須計算在內；

(b) 此外，計算利潤、收益、虧損、入息或開支的方式，在某些情況下會有所改變 (如在某些情況下，利息是按有效利率而非合約上列明的利率計算 )；及

(c) 除了 (a)及 (b)段描述的改變外，第 18J及 18L條在第 4部其他條文的規限下而適用。

5. 根據新訂第 18J條，就某金融工具在某段期間為利得稅的目的而計算的利潤、收益、虧損、入息或開支的款額，是該金融工具在該段期間為會計的目的而獲確認的利潤、收益、虧損、入息或開支的款額。

6. 新訂第 18K及 18L條就以下項目的特別處理，訂定條文：減值損失、屬營業項目的權益工具或金融負債、嵌入式衍生工具、優先股、並非按基於各自獨立利益而發放的貸款或發行的債務證券，以及對沖工具。

4. The new section 18I explains the effect of the new sections 18J, 18K and 18L on the other Part 4 provisions in determining whether any profit, gain, loss, income or expense is chargeable to tax or allowable for deduction. (The other Part 4 provisions are provisions of Part 4 of the Ordinance other than the new sections 18G to 18L.) In summary—

(a) for the purposes of Part 4 of the Ordinance, profits are not limited to realized profits despite the other Part 4 provisions and a change in fair value of a financial instrument is to be brought into account in assessing profits tax in certain circumstances;

(b) also, the way in which a profit, gain, loss, income or expense is computed is changed in certain circumstances (for example, interest is computed in some cases at the effective rate instead of the contractual rate); and

(c) apart from the changes described in paragraphs (a) and (b), sections 18J and 18L apply subject to the other Part 4 provisions.

5. Under the new section 18J, the amount of profit, gain, loss, income or expense computed for a financial instrument for profits tax purpose for a period is the amount of profit, gain, loss, income or expense recognized for the instrument for accounting purpose for the period.

6. The new sections 18K and 18L provide for special treatment of an impairment loss, an equity instrument or financial liability on revenue account, an embedded derivative, a preference share, a loan made or debt security issued otherwise than on an arm’s length basis and a hedging instrument.




須支付予海外出口信貸機構的利息開支

7. 草案第 4條修訂《條例》第 16條，使海外出口信貸機構屬海外財務機構的定義中的機構 (除稅務局局長 (局長 )另作決定外 )，而向該機構支付的利息開支，可根據《條例》第 16(1)(a)條獲扣除。草案在《條例》第 16(3)條，加入海外出口信貸機構的定義。

自動交換資料安排

8. 草案第 5至 9條完善《條例》中實施自動交換資料安排的條文。

9. 草案第 5、7 及 8 條修訂《條例》第 50A 條及附表 17C 及17D。草案第 6條在《條例》加入新訂第 50L條。作出上述修訂的效力如下——

(a) 加入共同匯報標準、共同匯報標準刊物及《財務行動特別組織的建議》此等詞句的定義，以代表與自動交換資料安排相關的重要文件；

(b) 控權人的概念，就信託而言，涵蓋 (但不限於 )該信託的受託人及受益人；

(c) 就任何運作上相等於或相類於信託的法人而識別控權人的方式，與就信託而識別控權人的方式相類似；(共同匯報標準有引用法人此概念，而《財務行動特別組織的建議》界定法人為某並非自然人的實

Interest expenses payable to overseas export credit agencies

7. Clause 4 amends section 16 of the Ordinance so that, unless the Commissioner of Inland Revenue (Commissioner) determines otherwise, an overseas export credit agency falls within the definition of overseas financial institution and interest expenses payable to the agency is deductible under section 16(1)(a) of the Ordinance. A definition of overseas export credit agency is added to section 16(3) of the Ordinance.

AEOI arrangement

8. Clauses 5 to 9 refine the provisions of the Ordinance that implement the AEOI arrangement.

9. Clauses 5, 7 and 8 amend section 50A of, and Schedules 17C and 17D to, the Ordinance. Clause 6 adds a new section 50L to the Ordinance. With these amendments—

(a) the terms Common Reporting Standard, CRS publications and FATF Recommendations are defined to represent the key documents relating to the AEOI arrangement;

(b) the concept of controlling person, in relation to a trust, covers (among others) trustees and beneficiaries of the trust;

(c) controlling persons will be identified, in relation to any legal person which is functionally equivalent or similar to a trust, in a way similar to the way in which controlling persons are identified in relation to a trust (The concept of legal person is used in the Common Reporting Standard and is defined in the FATF Recommendations to mean “an entity other than a natural person that can establish a permanent




體，而該實體可與某財務機構建立永久的客户關係，或該實體本身可擁有財產。草案將該定義的內容，納入實體的定義。草案亦就運作上相等於或相類於信託的實體而界定控權人，界定方式與就信託而界定該概念的方式相類似。)；

(d) 投資實體一詞的解釋方式，須與《財務行動特別組織的建議》相符；

(e) 將有關沒有稅務居住地的財務機構 (信託除外 )的稅務居民身分規則，納入《條例》；

(f) 《強制性公積金計劃條例》(第 485章 )或《職業退休計劃條例》(第 426章 )下的若干計劃、滙集協議及核准匯集投資基金，或根據《儲蓄互助社條例》(第119章 )註冊的儲蓄互助社，不再屬免申報財務機構。先前帳户、申報年及新帳户的定義，亦作出相應修改；及

(g) 訂定條文，規定局長可公布指引，以確保在《條例》中施行自動交換資料安排的條文的詮釋方式，是按照共同匯報標準刊物，並與給予共同匯報標準的效力相符，以及澄清該指引的法律地位。

10. 草案第 9條修訂《條例》附表 17E，代以已更新的申報稅務管轄區列表。

customer relationship with a financial institution or otherwise own property”. The Bill incorporates the contents of that definition into the definition of entity. The Bill also defines controlling person, in relation to an entity which is functionally equivalent or similar to a trust, in a way similar to the way in which the concept is defined in relation to a trust.);

(d) the term investment entity is to be interpreted in a way consistent with the FATF Recommendations;

(e) residency rules are incorporated in relation to financial institutions (other than trusts) that do not have a residence for tax purposes;

(f) certain schemes, pooling agreements and approved pooled investment funds under the Mandatory Provident Fund Schemes Ordinance (Cap. 485) or the Occupational Retirement Schemes Ordinance (Cap. 426) and credit unions registered under the Credit Unions Ordinance (Cap. 119) cease to be non-reporting financial institutions, and consequential changes are made to the definitions of pre-existing account, reporting year and new account; and

(g) provisions are made for the Commissioner to publish guidelines for ensuring that provisions of the Ordinance implementing the AEOI arrangement are construed in a way consistent with the effect given to the Common Reporting Standard, in accordance with the CRS publications, and for clarifying the status of the guidelines.

10. Clause 9 amends Schedule 17E to the Ordinance to substitute an updated list of reportable jurisdictions.




外訪教師的入息及外訪研究人員的入息

11. 草案第 10條修訂《條例》第 8條，以避免雙重不課稅的情況。如與在香港以外的地區訂立的雙重課稅安排，有規定在該地區作為外訪教師或研究人員的入息，在該地區可獲豁免繳付稅款，則作為外訪教師或研究人員的香港居民，除非就其得自在該地區作為外訪教師或研究人員的入息，已繳付或須繳付稅款，否則不能再在香港享有薪俸稅的豁免 (儘管該入息是得自全屬在該地區提供的服務 )。

兄弟姊妹關係

12. 草案第 11條修訂在《條例》第 30B條中兄弟姊妹的涵義，令其與新訂第 26J條 (《2018年稅務 (修訂 ) (第 4號 )條例草案》建議在《條例》加入者 )中兄弟姊妹的涵義一致。

Income of visiting teachers and researchers

11. Clause 10 amends section 8 of the Ordinance to avoid double non-taxation. If the double taxation arrangement with a territory outside Hong Kong provides for exemption from tax in that territory on income of a visiting teacher or researcher in that territory, a Hong Kong resident person’s income derived as a visiting teacher or researcher, even though derived from services wholly rendered in that territory, is no longer exempted from salaries tax in Hong Kong unless tax is paid or payable in respect of the income in that territory.

Sibling relationship

12. Clause 11 revises the meaning of brother or sister in section 30B of the Ordinance (so as to align with the meaning of sibling in the new section 26J proposed to be added to the Ordinance by the Inland Revenue (Amendment) (No. 4) Bill 2018).

354

Liechtensteinisches Landesgesetzblatt Jahrgang 2018 Nr. 215 ausgegeben am 2. November 2018

Gesetz vom 6. September 2018

über die Abänderung des AIA-Gesetzes

Dem nachstehenden vom Landtag gefassten Beschluss erteile Ich Meine Zustimmung:1

I.

Abänderung bisherigen Rechts

Das Gesetz vom 5. November 2015 über den internationalen automa-tischen Informationsaustausch in Steuersachen (AIA-Gesetz), LGBl. 2015 Nr. 355, in der geltenden Fassung, wird wie folgt abgeändert:

Art. 2 Abs. 1 Ziff. 2 Bst. h Schlusssatz

Aufgehoben

Art. 2 Abs. 1 Ziff. 5 Bst. b, Ziff. 10 Schlusssätze, Ziff. 14 Bst. e, Ziff. 15 Bst. b und Ziff. 23

1) Im Sinne dieses Gesetzes gelten als: 5. liechtensteinischer Rechtsträger:

b) eine Zweigniederlassung eines nicht in Liechtenstein ansässigen oder nicht liechtensteinischem Recht unterstehenden Finanzinsti-tuts, die sich in Liechtenstein befindet;

1 Bericht und Antrag der Regierung Nr. 59/2018

2

10. Investmentunternehmen ("Investment Entity"): ein Rechtsträger: … Ein Rechtsträger übt gewerblich vorwiegend eine oder mehrere der unter Bst. a beschriebenen Tätigkeiten aus beziehungsweise die Brutto-einkünfte eines Rechtsträgers sind vorwiegend der Anlage oder Wie-deranlage von Finanzvermögen oder dem Handel damit im Sinne des Bst. b zuzurechnen, wenn die den entsprechenden Tätigkeiten zuzu-rechnenden Bruttoeinkünfte des Rechtsträgers mindestens 50 % der Bruttoeinkünfte des Rechtsträgers entsprechen, und zwar entweder: - während des dreijährigen Zeitraums, der am 31. Dezember des

Jahres vor dem Bestimmungsjahr endet; oder - während des Zeitraums des Bestehens des Rechtsträgers, je nach-

dem, welcher Zeitraum kürzer ist. Der Begriff "Investmentunternehmen" umfasst nicht einen Rechts-träger, bei dem es sich aufgrund der Erfüllung der Kriterien in Ziff. 2 Bst. d bis g um einen aktiven NFE handelt;

14. nicht meldendes Finanzinstitut ("Non-Reporting Financial Instituti-on"): e) ein Trust, soweit der Treuhänder des Trusts ein meldendes Finanz-

institut ist und sämtliche nach Art. 9 zu meldenden Informationen zu sämtlichen meldepflichtigen Konten des Trusts meldet;

15. Finanzkonto ("Financial Account"): ein von einem Finanzinstitut geführtes Konto und umfasst ein Einlagenkonto, ein Verwahrkonto und: b) im Fall eines nicht unter Bst. a beschriebenen Finanzinstituts Eigen-

und Fremdkapitalbeteiligungen an dem Finanzinstitut, sofern die Beteiligungskategorie zur Vermeidung der Meldepflicht nach Art. 9 eingeführt wurde; sowie

23. Aufgehoben

Art. 4 Abs. 2

2) Liechtensteinische passive NFE können sich freiwillig als Invest-mentunternehmen (Finanzinstitut) klassifizieren. Diese gelten vorbehalt-lich Art. 2 Abs. 1 Ziff. 14 Bst. e als meldende liechtensteinische Finanzin-stitute.

3

Art. 7 Abs. 1, 13 und 14

1) Meldende liechtensteinische Finanzinstitute müssen meldepflichtige Konten identifizieren. Bei der Identifizierung sind die in Abschnitt II bis VII des anwendbaren Abkommens enthaltenen Verfahren zur Erfüllung der AIA-Sorgfaltspflichten anzuwenden.

13) Meldende liechtensteinische Finanzinstitute haben im Rahmen der Eröffnung eines Neukontos eine Selbstauskunft einzuholen und deren Plausibilität zu bestätigen. Sofern die Bestätigung der Plausibilität nicht im Rahmen der Kontoeröffnung durchgeführt werden kann, hat sie spätestens innerhalb von 90 Tagen ab der Kontoeröffnung zu erfolgen. Liegt dem meldenden liechtensteinischen Finanzinstitut zwar eine gültige aber keine plausible Selbstauskunft vor, so ist das Konto für alle Zu- und Abgänge so lange zu sperren bis eine gültige und plausible Selbstauskunft vorliegt.

14) Ungeachtet Abs. 13 kann das meldende liechtensteinische Finanz-institut in Ausnahmefällen die Selbstauskunft auch nach der Eröffnung eines Neukontos, jedoch innerhalb von 90 Tagen ab der Kontoeröffnung einholen und deren Plausibilität bestätigen. Liegt einem meldenden liech-tensteinischen Finanzinstitut 90 Tage nach Eröffnung eines Neukontos keine gültige und plausible Selbstauskunft vor, so ist das Konto für alle Zu- und Abgänge so lange zu sperren, bis eine gültige Selbstauskunft vorliegt und deren Plausibilität bestätigt wurde.

Art. 9 Abs. 1, 1a und 3a

1) Meldende liechtensteinische Finanzinstitute haben in Bezug auf je-des meldepflichtige Konto die nach Abschnitt I des anwendbaren Ab-kommens auszutauschenden Informationen für den im anwendbaren Abkommen genannten Zeitraum zu beschaffen und in der dort genann-ten Form der Steuerverwaltung zu melden. Art. 20 Abs. 2 findet sinnge-mäss Anwendung.

1a) Meldende liechtensteinische Finanzinstitute haben bestehende Konten natürlicher Personen, bei welchen nach dem anwendbaren Ab-kommen in Anwendung der elektronischen Suche ein Postlagerungsauf-trag oder eine c/o-Anschrift und keine andere Anschrift oder Indizien für den Kontoinhaber festgestellt und auch bei einer Suche in den Pa-pierunterlagen kein Indiz festgestellt wurde und der Versuch eine Selbst-auskunft oder Belege zu beschaffen erfolglos blieb, als nicht dokumen-tierte Konten an die Steuerverwaltung zu melden.

4

3a) Für den Fall, dass innerhalb von 90 Tage ab Kontoeröffnung keine plausible oder gültige Selbstauskunft nach Art. 7 Abs. 13 oder 14 vor-liegt, hat das meldende liechtensteinische Finanzinstitut eine Meldung auf Basis der festgestellten Indizien nach dem anwendbaren Abkommen zu erstatten.

Art. 29

b) Selbstauskunft

Von der Steuerverwaltung wird mit Busse bis zu 10 000 Franken be-straft, wer vorsätzlich oder fahrlässig: a) einem liechtensteinischen Finanzinstitut eine falsche Selbstauskunft

erteilt, Änderungen der Gegebenheiten nicht mitteilt oder über Än-derungen der Gegebenheiten falsche Angaben macht;

b) eine im Rahmen der Eröffnung eines Neukontos eingeholte Selbst-auskunft nach Art. 7 Abs. 13 nicht rechtzeitig plausibel bestätigt.

II.

Übergangsbestimmung

Liechtensteinische Rechtsträger, deren Klassifizierung sich aufgrund von Art. 2 Abs. 1 Ziff. 2 Bst. h ändert, haben diese bis zum 31. Dezember 2019 vorzunehmen.

5

III.

Inkrafttreten

Dieses Gesetz tritt unter Vorbehalt des ungenutzten Ablaufs der Re-ferendumsfrist am 1. Januar 2019 in Kraft, andernfalls am Tag nach der Kundmachung.

In Stellvertretung des Landesfürsten: gez. Alois Erbprinz

gez. Adrian Hasler Fürstlicher Regierungschef

File Ref.: TsyB R 00/800/24/0 (C)

LEGISLATIVE COUNCIL BRIEF

Inland Revenue Ordinance (Chapter 112)

INLAND REVENUE (AMENDMENT) (NO. 7) BILL 2018

INTRODUCTION

At the meeting of the Executive Council on 30 October 2018, the Council ADVISED and the Chief Executive ORDERED that the Inland Revenue (Amendment) (No. 7) Bill 2018 (“Bill”), at Annex A, should be introduced into the Legislative Council (“LegCo”). The Bill seeks to –

(a) align the tax treatment of financial instruments with their accounting

treatment; (b) allow the deduction of interest expenses payable to overseas export credit

agencies; (c) refine the provisions that implement the arrangement for automatic

exchange of financial account information in tax matters (“AEOI”); (d) avoid potential double non-taxation of income of visiting teachers and

researchers; and (e) revise the meaning of the sibling relationship.

JUSTIFICATIONS

Alignment of Tax Treatment of Financial Instruments with their Accounting Treatment 2. Since 1 January 2005, enterprises in Hong Kong have been required to account for financial instruments on a fair value basis (i.e. both realised and unrealised profits of the financial instruments have to be accounted for in the financial statements) in accordance with applicable accounting standards. The Inland Revenue Department (“IRD”) uses profits computed in accordance with applicable accounting standards as the basis for computing the profits chargeable to profits tax under the Inland Revenue Ordinance (“IRO”), unless provided otherwise in the IRO.

3. However, in Nice Cheer Investment Limited v CIR (2013) 16 HKCFAR 813 (“Nice Cheer case”), the Court of Final Appeal (“CFA”) ruled that profits are not chargeable to profits tax on a fair value basis under the existing provisions of the IRO. The contentious issue in the Nice Cheer case is the taxability of the gains resulting

A

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from revaluation of trading securities held at the end of the accounting period as required by the accounting standards. Having regard to the basic principles of tax law1 and the fact that the prevailing IRO does not expressly allow the use of fair value accounting in tax computation in respect of financial instruments, the CFA held that the revaluation gains in respect of listed securities held by enterprises for trading purposes were not chargeable to tax in Hong Kong. In accordance with this judgment, profits computed on a fair value basis cannot be used for tax reporting, and would have to be recomputed on a realisation basis for the purpose.

4. After the CFA judgment in the Nice Cheer case, financial institutions and securities dealers, which mark their financial instruments to market and account for financial instruments on a fair value basis, have requested the IRD to continue accepting profits computed on a fair value basis for tax computation purpose. Otherwise, they would have to incur substantial costs to re-compute their profits on a realisation basis. In view of the industry’s request and the practical difficulties faced by taxpayers, the IRD has been accepting tax returns from enterprises with assessable profits computed on a fair value basis as an interim administrative measure.

5. Accounting on a realisation basis is not an established commercial practice, and indeed departs from the Hong Kong Financial Reporting Standard 9 (“HKFRS 9”) which has been implemented since 1 January 2018. Under HKFRS 9, financial instruments are required to be accounted for on a fair value basis in certain circumstances. The Government has also received suggestions from stakeholders to codify the interim administrative measure of accepting assessable profits computed on a fair value basis into the IRO for the sake of clarity and certainty.

6. We propose amending the IRO to allow, on the taxpayer’s election, the alignment of tax treatment of financial instruments with their accounting treatment for assessing profits. Specific provisions should also be enacted for making tax adjustments under certain circumstances. Generally, an election for aligning the tax treatment with their accounting treatment, once made, is irrevocable and has effect for the year of assessment for which the election is made and all subsequent years of assessment. However, the election may be revoked with the approval of the Commissioner of Inland Revenue (“Commissioner”) if the taxpayer satisfies the Commissioner that there are good commercial reasons for the revocation and tax avoidance is not the main purpose of the revocation. The option to elect for alignment of tax treatment of financial instruments with their accounting treatment is available to a taxpayer only if the taxpayer prepares financial statements in accordance with a specified financial reporting standard. We propose that the new provisions apply to a year of assessment for which the basis period begins on or after 1 January 2018.

1 The two basic principles of tax law referred to by the CFA are (i) the word ‘profits’ connotes actual

or realised and not potential or anticipated profits; and (ii) neither profits nor losses may be anticipated. (paragraph 21 of the judgment of the Nice Cheer case)

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Deduction of Interest Expenses Payable to Overseas Export Credit Agencies 7. Pursuant to section 16(1)(a) of the IRO, interest expense incurred in the production of chargeable profits is deductible, provided that at least one of the prescribed conditions under section 16(2) of the IRO is satisfied. Interest expenses payable by a person on money borrowed from an “overseas financial institution” as defined under section 16(3) of the IRO2 is one of the prescribed conditions under section 16(2) of the IRO.

8. Currently, an overseas export credit agency that is run as a public institution is not recognised as an “overseas financial institution” since it is not carrying on banking or deposit-taking business outside Hong Kong, and is not regulated by an overseas authority as a banking or deposit-taking institution. It follows that Hong Kong borrowers cannot claim tax deduction in respect of interest payments made on loans from an overseas export credit agency.

9. We therefore propose amending the IRO so that, for the purpose of deduction of interest expense under the IRO, an export credit agency which is owned by, or is established and operated by, a governmental entity of a jurisdiction outside Hong Kong for the purposes of supporting and developing international trade by providing financing support to its exporters or investors for export or investment activities outside that jurisdiction can be recognised as an “overseas financial institution”. This would help foster trading activities between Hong Kong and other places.

10. To confine the scope of export credit agencies for which deduction of interest expense is allowed and in line with existing provisions, we also propose that the Commissioner may determine that an export credit agency is not recognised as an overseas financial institution if the business of that agency is not adequately monitored or regulated by the relevant governmental entity by which the agency is owned or is established and operated. We propose that the new provisions relating to overseas export credit agencies apply to interest accrued on or after the date on which the amendment ordinance is published in the Gazette.

Refinements to the Legislative Framework of AEOI 11. The Organisation for Economic Co-operation and Development (“OECD”) has earlier examined the AEOI legislative framework of Hong Kong which was put in place in June 2016, and made a number of recommendations for better aligning the relevant provisions of the IRO with the requirements of the Common Reporting

2 Under section 16(3) of the IRO, overseas financial institution is defined as “a person carrying on

the business of banking or deposit-taking outside Hong Kong other than a person whom the Commissioner has, in accordance with the powers vested in him by subsection (4), determined shall not be recognised for the purposes of this section as an overseas financial institution”. Section 16(4) of the IRO further stipulates that “[t]he Commissioner may for the purposes of this section determine that a person shall not be recognised as an overseas financial institution if he is of the opinion that that person’s banking or deposit-taking business is not adequately supervised by a supervisory authority.”

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Standard (“CRS”) promulgated by the OECD 3. While most of the necessary refinements have been incorporated in the Inland Revenue (Amendment) Ordinance 2018 4 approved by the Legislative Council on 24 January 2018, some further legislative amendments are required for Hong Kong to align the AEOI provisions of the IRO with the requirements of the CRS. The objects of the amendments include–

(a) clarifying that the concept of “controlling person”, in relation to a trust, covers trustees and beneficiaries;

(b) clarifying that controlling persons will be identified, in relation to any legal person which is functionally equivalent or similar to a trust, in a way similar to the way in which controlling persons are identified in relation to a trust5;

(c) providing that the term “investment entity” is to be interpreted in a manner consistent with the recommendations of the Financial Action Task Force (“FATF”);

(d) incorporating the residency rules in relation to financial institutions (other than trusts) that do not have a residence for tax purposes;

(e) providing that the Commissioner may publish non-statutory guidelines on the interpretation of AEOI related provisions; and

(f) removing Mandatory Provident Fund Schemes (“MPF schemes”), Occupational Retirement Schemes registered under the Occupational Retirement Schemes Ordinance (Cap. 426) (“ORSO registered schemes”), pooling agreements, approved pooled investment funds and credit unions from the list of non-reporting financial institutions (“NRFIs”).

12. While the refinements in paragraph 11(a) to (e) above serve to align the AEOI regime with the CRS without making substantial changes to the systems and operations of reporting financial institutions, we propose that the refinements should apply from the reporting year 2021 (in respect of information covering 1 January to 31 December 2020). The lead time should be adequate and reasonable taking into account the preparatory work of reporting financial institutions.

13. As regards the proposed removal of the NRFIs in paragraph 11(f), the OECD considered that MPF schemes, ORSO registered schemes and credit unions failed to meet the criteria of NRFIs under the CRS and recommended that Hong Kong

3 The Common Reporting Standard is contained in the Standard for Automatic Exchange of Financial

Account Information in Tax Matters (Second Edition), published by the Organisation for Economic Co-operation and Development on 27 March 2017.

4 The Inland Revenue (Amendment) Ordinance 2018 was gazetted on 2 February 2018. It contains

technical amendments to certain provisions on AEOI so as to align them with the CRS promulgated by the OECD.

5 The concept of “legal person” is used in the CRS and is defined in the FATF recommendations to

mean “an entity other than a natural person that can establish a permanent customer relationship with a financial institution or otherwise own property”. The Bill now incorporates the contents of that definition into the definition of “entity”. The Bill also defines controlling person, in relation to an entity which is functionally equivalent or similar to a trust, in a way similar to the way in which the concept is defined in relation to a trust.

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should remove such entities from the list of NRFIs. MPF schemes and ORSO registered schemes are not meeting NRFI criteria because –

(a) the voluntary contributions and special voluntary contributions of MPF schemes go beyond the character of providing benefits for retirement, disability or death;

(b) the flexibility of ORSO registered schemes, in particular the withdrawal grounds, goes beyond the character of providing benefits for retirement, disability or death;

(c) some ORSO registered schemes do not meet the condition that no single beneficiary should have the right to more than 5% of the fund’s assets; and

(d) information reporting by MPF schemes and ORSO registered schemes to the tax authority is inadequate.

As for credit unions, the following inadequacies are identified by the OECD –

(a) credit unions render saving services and loan services, rather than merely accepting contributions leading to guaranteed benefits provided for retirement, disability or death as in retirement funds;

(b) not all credit unions meet the requirement that no individual member holds more than 5% of the credit union’s asset; and

(c) information reporting by credit unions to the tax authority is inadequate.

As for pooling agreements and approved pooled investment funds, there was no need to list them as NRFIs if all the participants of the schemes were financial institutions.

14. The proposed change to the list of NRFIs is essential for ensuring that Hong Kong’s AEOI regime is consistent with the requirements of the CRS. To allow sufficient lead time for setting up the systems for AEOI reporting, we propose that the financial institutions concerned be required to report the necessary information to the IRD for the first time in 2021 (in respect of the information covering 1 January to 31 December 2020). 15. We also propose to take the opportunity of this legislative amendment exercise to revise the list of reportable jurisdictions under Schedule 17E to the IRO. With the application of the Convention on Mutual Administrative Assistance in Tax Matters (“Convention”) extended to Hong Kong by the Central People’s Government, Hong Kong’s network for tax information exchange has been significantly expanded. We therefore propose to include all Hong Kong’s prospective AEOI partners in the list of reportable jurisdictions so that reporting financial institutions can collect relevant data for future exchanges with the prospective AEOI partners. This would involve the addition of 51 jurisdictions6, which are AEOI-committed jurisdictions and signatories/potential signatories to the Convention, to the existing list of 75 reportable

6 Among the 51 proposed jurisdictions, 48 are signatories to the Convention and three (namely

Dominica, Maldives and Trinidad and Tobago) are non-signatories but have committed to implementing AEOI.

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jurisdictions. A list of these additional jurisdictions is at Annex B. We propose that the expanded list should take effect from 1 January 2020.

Avoidance of Potential Double Non-taxation of Income of Visiting Teachers and Researchers

16. To foster exchanges in teaching or research between Hong Kong and other places, Hong Kong may include an Article on Teachers and Researchers (“Teachers’ Article”) providing for tax exemption for visiting teachers and researchers in the jurisdiction visited for a prescribed period of time in the Comprehensive Avoidance of Double Taxation Agreements (or Arrangements) (“CDTAs”) concluded with appropriate partners. So far, a Teachers’ Article is already included in our CDTA with Saudi Arabia, and we plan to add a Teachers’ Article in our CDTA with the Mainland.

17. A potential problem of double non-taxation arises with the income of a visiting teacher or researcher from Hong Kong derived from services rendered wholly in a visited jurisdiction with which Hong Kong has adopted a Teachers’ Article in the relevant CDTA. Employment income of the visiting teacher or researcher derived from services rendered wholly outside Hong Kong is generally not subject to Hong Kong’s salaries tax under existing provisions of the IRO, given that Hong Kong adopts a territorial basis of taxation. On the other hand, the visiting teacher or researcher could enjoy tax exemption during the prescribed period in the visited jurisdiction.

18. To avoid double non-taxation, we propose to limit the application of section 8(1A)(b) of the IRO7, which provides that income derived from services rendered wholly outside Hong Kong is not subject to salaries tax in Hong Kong. If a Teachers’ Article is in the relevant CDTA with the visited jurisdiction, a Hong Kong resident person’s income derived as a visiting teacher or researcher, even though derived from services wholly rendered in the visited jurisdiction, is exempted from salaries tax in Hong Kong only if tax is paid or payable in the visited jurisdiction. This is in line with OECD’s efforts to combat double non-taxation. We propose that the amendments concerning visiting teachers and researchers should apply in relation to a year of assessment beginning on or after 1 April 2019. Revising the meaning of sibling relationship in the IRO 19. During the scrutiny of the Inland Revenue (Amendment) (No. 4) Bill 2018 which provides for tax concession for premiums paid in respect of certain health insurance plans, it was noted that the definition of “sibling” in the proposed new

7 Section 8(1A)(b) of the IRO provides that, for the purpose of salaries tax, income arising in or

derived from Hong Kong from any employment excludes income derived from services rendered by a person who— (a) is not employed by the Government or as master or member of the crew of a ship or as

commander or member of the crew of an aircraft; and (b) renders outside Hong Kong all the services in connection with his employment.

B

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section 26J(4)8 to be added to the IRO does not cover a taxpayer’s (or his or her spouse’s) adoptive parents’ natural children where the taxpayer (or the spouse) is himself or herself an adopted child. This limitation is proposed to be removed through a Committee Stage Amendment for the bill. 20. Since the definition of “siblings” in the proposed new section 26J(4) is modelled on the existing section 30B of the IRO (with the modification that a full or half blood sibling is referred to instead of a natural sibling), we consider it prudent to correspondingly amend the definition of “brother or sister or brother or sister of the spouse” in section 30B9 to cover, in relation to a taxpayer, both –

(a) an individual who is adopted by the taxpayer’s (or his or her spouse’s) parents; and

(b) the taxpayer’s (or his or her spouse’s) adoptive parents’ natural children where the taxpayer (or the spouse) is himself or herself an adopted child.

21. Further, the definition will refer to a brother or sister of full or half blood. We propose that the amendments concerning the meaning of brother or sister should apply in relation to a year of assessment beginning on or after 1 April 2019. OTHER OPTIONS

22. Amending the IRO is the only way to give effect to the above proposals. There is no other option. THE BILL 23. The major provisions of the Bill are set out below –

(a) Clause 3 adds new sections 18G to 18L to the IRO to provide for the alignment of the treatment of financial instruments for profits tax purpose with their accounting treatment. In particular— (i) under the new section 18J, the amount of profit, gain, loss, income or

expense computed for a financial instrument for profits tax purpose for a period is the amount of profit, gain, loss, income or expense recognized for the instrument for accounting purpose for the period;

8 According to section 26J(4) proposed to be added under Inland Revenue (Amendment) (No. 4) Bill

2018, sibling, in relation to a person, means, (a) a full or half blood sibling of the person or of the person’s spouse; (b) an adopted sibling of the person or of the person’s spouse; (c) a step sibling of the person or of the person’s spouse; or (d) if the person’s spouse is deceased—an individual who would have been the sibling of the person under paragraph (a), (b) or (c) if the spouse had not died.

9 Section 30B of the IRO provides for dependent brother or dependent sister allowance. Section

30B(3)(b) of the IRO defines “brother or sister or brother or sister of the spouse” to include “an adopted brother or adopted sister of the person or the spouse”, which is rendered in the Chinese text as “該人或配偶的父母的領養子女”. The statutory meaning does not include the taxpayer’s (or the spouse’s) adoptive parents’ natural children where the taxpayer (or the spouse) is himself or herself an adopted child.

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(ii) the new sections 18K and 18L provide for special treatment of an impairment loss, an equity instrument or financial liability on revenue account, an embedded derivative, a preference share, a loan made or debt security issued otherwise than on an arm’s length basis and a hedging instrument;

(iii) the new section 18I states the effect of the new sections 18J, 18K and 18L on the existing provisions on profits tax in the IRO as follows—

(A) profits are not limited to realized profits and a change in fair value of a financial instrument is to be taken into account in assessing profits tax in certain circumstances; and

(B) also, the way in which a profit, gain, loss, income or expense is calculated is changed in certain circumstances (for example, interest is calculated in some cases at the effective rate instead of the contractual rate);

(iv) the new sections 18I, 18J, 18K and 18L apply to a taxpayer who follows a specified financial reporting standard and elects that those new sections apply to the taxpayer; (See the new sections 18H)

(b) Clause 4 amends section 16 of the IRO so that, unless the Commissioner determines otherwise, an overseas export credit agency (definition added to section 16(3) of the IRO) falls within the definition of overseas financial institution and interest expenses payable to the agency is deductible under section 16(1)(a) of the IRO;

(c) Clauses 5, 7 and 8 amend section 50A of, and Schedules 17C and 17D to, the IRO and Clause 6 adds a new section 50L to the IRO, so that— (i) the terms “Common Reporting Standard”, “CRS publications” and

“FATF Recommendations” are defined to represent key documents relating to the AEOI arrangement;

(ii) the meanings of “entity” and “controlling person” reflect relevant provisions in the CRS and the FATF Recommendations (see paragraph 11(a) and (b) above for details);

(iii) the term “investment entity” is to be interpreted in a way consistent with the FATF Recommendations;

(iv) the residency rules are incorporated in relation to financial institutions (other than trusts) that do not have a residence for tax purposes;

(v) certain schemes and pooling agreements and approved pooled investment funds under the Mandatory Provident Fund Schemes Ordinance (Cap. 485) or the Occupational Retirement Schemes Ordinance (Cap. 426) and credit unions cease to be non-reporting financial institutions, and consequential changes are made to the definitions of “pre-existing account”, “reporting year”, “new account”;

(vi) provisions are made for the Commissioner to issue guidelines for ensuring that provisions in the IRO implementing the AEOI arrangement are construed in a way consistent with the effect given to

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the CRS and in accordance with the CRS publications, and for clarifying the status of the guidelines;

(d) Clause 9 amends Schedule 17E to the IRO to substitute an updated list of reportable jurisdictions;

(e) Clause 10 amends section 8 of the IRO to avoid double non-taxation. If a double taxation arrangement with a territory outside Hong Kong provides for exemption from tax in the territory for income of a visiting teacher or researcher in the territory, a Hong Kong resident person’s income derived as a visiting teacher or researcher, even though derived from services wholly rendered in that territory, is no longer exempted from salaries tax in Hong Kong unless tax is paid or payable in respect the income in that territory;

(f) Clause 11 revises the meaning of brother or sister in section 30B of the IRO (so as to align with the meaning of sibling in the new section 26J proposed to be added by the Inland Revenue (Amendment) (No. 4) Bill 2018).

LEGISLATIVE TIMETABLE 24. The legislative timetable is as follows −

Publication in the Gazette

2 November 2018

First Reading and commencement of Second Reading debate

14 November 2018

Resumption of Second Reading debate, committee stage and Third Reading

To be notified

IMPLICATIONS OF THE PROPOSAL 25. The proposals are in conformity with the Basic Law, including the provisions concerning human rights. The proposals will not affect the binding effect of the existing provisions of the IRO and its subsidiary legislation. The financial, economic and family implications of the proposals are at Annex C. The proposals have no productivity, environmental, gender or civil service implications and no sustainability implications other than those set out in the economic and family implications paragraphs in Annex C. PUBLIC CONSULTATION 26. We consulted the LegCo Panel on Financial Affairs on 3 July 2018 regarding the alignment of tax treatment of financial instruments with their accounting treatment, deduction of interest expense payable to overseas export credit agencies and refinements to AEOI regime. Members of the panel did not object to these proposals being introduced into the LegCo.

C

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27. We also conducted a stakeholder consultation from July to August 2018 to gauge views for the alignment of tax treatment of financial instruments with their accounting treatment. Organisations that have responded generally support allowing such an election while proposing suggestions on various technical matters. The Bill has incorporated the suggestions received as appropriate.

28. To prepare for the removal of certain institutions from the list of NRFIs (see paragraphs 11(f) and 13), we have kept MPF trustees, ORSO administrators and credit unions updated of the OECD’s assessments and conducted briefings for them to facilitate their understanding of the reporting requirements under AEOI. We have briefed the Heads of Universities for the amendments to avoid possible double non-taxation arising from Teachers’ Article. PUBLICITY 29. We will issue a press release on 31 October 2018. A spokesperson will be available to answer media and public enquiries. ENQUIRIES 30. Enquiries on this Brief can be addressed to Ms Pecvin YONG, Principal Assistant Secretary for Financial Services and the Treasury (Treasury), at 2810 2370. Financial Services and the Treasury Bureau 31 October 2018

Annex A

Annex B

Jurisdictions to be Included in the List of Reportable Jurisdictions

under Schedule 17E of the Inland Revenue Ordinance

1 Albania 31 Monaco 2 Andorra 32 Morocco 3 Anguilla 33 Nauru 4 Armenia 34 Nigeria 5 Aruba 35 Niue 6 Azerbaijan 36 Pakistan 7 Bahrain 37 Panama 8 Barbados 38 Paraguay 9 Belize 39 Peru 10 Bermuda 40 Philippines 11 British Virgin Islands 41 Saint Kitts and Nevis 12 Burkina Faso 42 Saint Lucia 13 Cameroon 43 Samoa 14 Cook Islands 44 San Marino 15 Dominica 45 Senegal 16 Dominican Republic 46 Sint Maarten 17 El Salvador 47 Trinidad and Tobago 18 Gabon 48 Tunisia 19 Georgia 49 Turks and Caicos Islands 20 Ghana 50 Uganda 21 Guatemala 51 Ukraine 22 Jamaica 23 Kazakhstan 24 Kenya 25 Liberia 26 Macao Special Administrative Region 27 Macedonia 28 Maldives 29 Marshall Islands 30 Moldova

Annex C

Financial, Economic and Family Implications of the Proposal Financial Implications

By electing the alignment of tax treatment of financial instruments with accounting treatment, subject to certain specific provisions, profits or loss on financial instruments due to fair value changes will be taxed or allowed as the case may be. Therefore, depending on the individual circumstances of a taxpayer, the tax liability may be increased or decreased as compared to that computed on realisation basis. While the impact to revenue in individual year of assessments is difficult to estimate, the overall impact over time should not be significant given the difference in the amount of taxable gain or loss between taxation of financial instruments on a fair value basis or on a realisation basis is only a timing difference. 2. While allowing the deduction of interest expenses payable to overseas export credit agencies may reduce revenue from profits tax, the initiative would foster the development of the import and export industry, hence generating more profits tax revenue. The quantum of revenue impact is difficult to estimate. 3. The amendments to prevent potential double non-taxation of visiting teachers and researchers should help safeguard salaries tax revenue. Economic Implications

4. Providing the option for aligning tax treatment of financial instruments with accounting treatment have positive economic implications by easing taxpayers’ efforts in preparing tax returns, while maintaining Hong Kong’s simple tax regime. 5. The refinements to AEOI regime will demonstrate Hong Kong’s commitment to international tax cooperation. This is particularly crucial for Hong Kong to preserve our competitiveness and reputation as an international financial and business centre, and to avoid being listed as a “non-cooperative” tax jurisdiction. Family Implications

6. The amendment to the meaning of “brother or sister” under the IRO may help promote family support.

359.131.2

Liechtensteinisches Landesgesetzblatt Jahrgang 2018 Nr. 217 ausgegeben am 2. November 2018

Gesetz vom 6. September 2018

über die Abänderung des FATCA-Gesetzes

Dem nachstehenden vom Landtag gefassten Beschluss erteile Ich Meine Zustimmung:1

I.

Abänderung bisherigen Rechts

Das Gesetz vom 4. Dezember 2014 über die Umsetzung des FATCA-Abkommens zwischen dem Fürstentum Liechtenstein und den Vereinig-ten Staaten von Amerika (FATCA-Gesetz), LGBl. 2015 Nr. 7, wird wie folgt abgeändert:

Art. 16 Abs. 1 Einleitungssatz

1) Vom Landgericht wird mit Busse bis zu 250 000 Franken bestraft, wer vorsätzlich folgende Pflichten verletzt:

Art. 19 Abs. 1

1) Verwaltungsstrafentscheidungen der Steuerverwaltung nach Art. 17 und 18 können binnen 14 Tagen ab Zustellung bei der Landessteuer-kommission angefochten werden.

1 Bericht und Antrag der Regierung Nr. 59/2018

2

Art. 20

Ergänzende Verfahrensvorschriften

In einem Verfahren nach Art. 17 und 18 finden, soweit in diesem Ge-setz keine abweichenden Vorschriften bestehen, die Art. 152 bis 159 LVG sinngemäss Anwendung.

II.

Inkrafttreten

Dieses Gesetz tritt unter Vorbehalt des ungenutzten Ablaufs der Re-ferendumsfrist am 1. Januar 2019 in Kraft, andernfalls am Tag nach der Kundmachung.

In Stellvertretung des Landesfürsten: gez. Alois Erbprinz

gez. Adrian Hasler Fürstlicher Regierungschef

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