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The 2016-17 Budget

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Budget Speech

Financial Services

91.    The Financial Sector Assessment Programme report released by the International Monetary Fund last May acknowledged that Hong Kong's financial sector is one of the largest and most developed in the world.  The report also affirmed the resilience of Hong Kong's financial system, and commended our high standard of supervision, comprehensive risk management, and active macro-prudential policies.  Government, together with relevant regulators, will strive to keep our regulatory regime up to international standards.

92.    As an international financial centre, Hong Kong will step up its efforts in combating cross-border tax evasion in accordance with the latest global standard.  In response to the Organisation for Economic Co-operation and Development, we have pledged to adopt the new standard, pursuant to which financial institutions are required to report to the Inland Revenue Department specified financial account information on a regular basis, so that Hong Kong can exchange such information with other jurisdictions by end-2018.  We shall consult the industry in the second quarter of this year and introduce the relevant amendment bill in 2016.



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