As per Odaily, Hong Kong has initiated a consultation on the implementation of the Common Reporting Standard for Financial Accounts (CARF) and revisions to tax reporting standards. The move is explicitly linked to the government's efforts to combat cross-border tax evasion. Financial Services and Treasury Secretary Christopher Hui stated that adopting CARF demonstrates the government's commitment to promoting international tax cooperation. In addition to CARF, Hong Kong is also seeking feedback on the adoption of the Common Reporting Standard (CRS). Both CARF and CRS are initiatives by the Organisation for Economic Co-operation and Development (OECD) to standardize international tax reporting. Currently, CARF is widely adopted globally, with 48 countries pledging to implement it by 2027, 27 by 2028, and the U.S. by 2029, according to the latest OECD list.
Hong Kong Launches CARF Cryptocurrency Tax Consultation to Combat Tax Evasion
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